BP and SOCAR will have equal shares in 'D230' block

Baku. 15 December. REPORT.AZ/ Preparation work for Production Sharing Agreement (PSA) for ‘D230’ block located in Northern Absheron basin of Azerbaijani sector of Caspian Sea continues.

Report informs, BP’s regional president for Azerbaijan, Georgia and Turkey, Gordon Birrell said: “We work intensively to finalize all clauses of the agreement together with State Oil Company of the Azerbaijan Republic (SOCAR). We will start implementation of the program soon after signing agreement”.

Birrell didn’t specified the date of signing, but told that each company will have 50% of shares in the project. G.Birrell told they haven’t yet agreed who will be operator, but the initial program is carried out by BP.

Notably, Memorandum of Understanding was signed on May 24, by SOCAR and BP for joint geological exploration works in potential perspective structure of ‘D320’ block located in Northern Absheron basin of Azerbaijani sector of Caspian Sea.

The block ‘D230’ covers territories with 300m depth of water and 3000-5000m depth of collector.