BP hopes to sign new contract with SOCAR before end-2017

By  Trend

BP hopes to sign a contract with Azerbaijan’s state oil company SOCAR to explore prospective sites of the block D230 in the North Absheron Basin in the Azerbaijani sector of the Caspian Sea until the end of 2017, Gary Jones, BP regional president for Azerbaijan, Georgia and Turkey (AGT), told reporters in Baku on November 15.

He said that this issue was discussed Nov. 14 at a meeting with SOCAR President Rovnag Abdullayev.

SOCAR and BP signed a memorandum of understanding (MOU) in May 2016 to jointly explore the prospects of the block D230 in the North Absheron Basin.

The MOU gives BP an exclusive right to hold talks with SOCAR for conclusion of an agreement on exploration and development at the block D230.