BP plans to drill six new exploration wells in Azerbaijan in 2019-2020, BP Azerbaijan Vice President Bakhtiyar Aslanbayli confirmed this week.

He stated that 4 wells are deliberate to be drilled this 12 months and two wells subsequent 12 months.

“The outcomes will depend upon the drilling course of,” he famous. “We anticipate optimistic outcomes relating to the Shafag-Asiman area. Perhaps, fuel reserves at that area would be the similar as on the Shah Deniz area.”

Depending on the outcomes, a medium-term plan will likely be ready, Aslanbayli added.

BP Azerbaijan is the operator of the ACG and Shafag-Asiman fields.

A contract for growth of ACG was signed in 1994. A brand new contract for growth of the ACG block till 2050 was signed in Baku Sept. 14, 2017.

The ACG taking part pursuits are as follows: BP – 30.37 %; AzACG (SOCAR) – 25 %; Chevron – 9.57 %; INPEX – 9.31 %; Statoil – 7.27 %; ExxonMobil – 6.79 %; TP – 5.73 %; ITOCHU – three.65 %; ONGC Videsh Limited (OVL) – 2.31 %.

SOCAR and BP signed a contract on the Shafag-Asiman block for a interval of 30 years in October 2010. In the operational interval the edges will implement joint operatorship throughout the venture. Shared participation within the contract between BP and SOCAR is 50 to 50 %.

The forecast reserves of the Shafag-Asiman block stand at 500 billion cubic meters of fuel and 65 million tons of condensate.

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