SOCAR and BP at the moment signed a brand new manufacturing sharing settlement (PSA) for the joint exploration and growth of Block D230 within the North Absheron basin, within the Azerbaijan sector of the Caspian Sea.
The PSA was signed in London, within the presence of UK Prime Minister Theresa May and Azerbaijan’s President Ilham Aliyev, by Rovnag Abdullayev, president of SOCAR, and BP group chief government Bob Dudley.
Speaking on the signing occasion, Abdullayev stated: “We have an extended custom of profitable cooperation with BP. I consider that the synergies between fashionable upstream expertise and distinctive historic expertise, embodied in each corporations, create a stable foundation for our continued success. Being based mostly on truthful and equal circumstances, at the moment’s settlement will change into an essential milestone within the pursuit of the best diploma of effectivity within the joint growth of the pure assets of Azerbaijan.”
Block D230 lies some 135 km (84 mi) north-east of Baku within the Caspian Sea. It covers an space of some three,200 km2 and has not beforehand been explored. It has water depths of 400-600 m and anticipated reservoir depths of about three,500 m.
Under the PSA, which is for 25 years, BP would be the operator through the exploration section holding a 50% curiosity whereas SOCAR will maintain the remaining 50% curiosity.
The signing of the PSA follows the Memorandum of Understanding for exploration of Block D230, which was agreed in May 2016.
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