BP becomes active in Caspian Sea

The British Petroleum (BP) signed a contract with Azerbaijan to develop prospective natural gas fields in the Caspian Sea following the incident with an oil spill in the Gulf of Mexico, the German socio-legal media company DeutscheWelle reports.

The State Oil Company of Azerbaijan (SOCAR) and the British BP signed a PSA for exploration and development of Shafag and Asiman fields in the Azerbaijani sector of the Caspian Sea on Oct. 7. The signing ceremony was attended by BP CEO Robert Dudley.

The contract was signed for 30 years. In the operational period the sides will implement joint operatorship within the project. Share participation in the contract is expected on the scheme 50 to 50 percent. Stocks of the structure are estimated at 300 -500 billion cubic meters of gas. Shafag and Asiman fields are located in 125 kilometers to the south-east of Baku. Exploration work has not been conducted on the block before. It is located in the depth of 650-800 meters with the depth of the reservoir at 7,000 meters.


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