BP and SOCAR to sign a new agreement

Baku. 25 May. REPORT.AZ/ The agreement between the State Oil Company of Azerbaijan Republic (SOCAR) and BP on 'D230' block in North Absheron basin in the Azerbaijani sector of the Caspian Sea will be signed this fall.

Report informs, SOCAR President Rovnag Abdullayev said.

According to him, geological works can be started by the year-end: 'D230 block is an area previously unexplored. BP announced its intention to invest and conduct exploration. We have agreed. We have such an experience with BP in 'Shallow-water Absheron'. This project is progressing successfully. Now, 3D geology and geophysics work are being carried out. A decision on development program will be adopted next year. 'D230' is a new area and no structure there'.

Notably, BP and SOCAR have signed a memorandum of understanding on joint geological and exploration works in the 'D230' block's potentially prospective structures in North Absheron basin in the Azerbaijani sector of the Caspian Sea.

As a part of the government plan on ensuring entire exploration of Azerbaijan's offshore areas, this memorandum also gives exclusive right to BP to hold talks with SOCAR in order to conclude an agreement on geological exploration as well as on development of 'D230' block.

The document has been signed yesterday in Baku, by SOCAR president Rovnag Abdullayev on behalf of the Azerbaijani government and BP's Regional President for Azerbaijan, Georgia and Turkey Gordon Birrell.