BP Regional President: Shallow Water Absheron supposedly has oil reserves

Baku. 16 February. REPORT.AZ/ It is assumed that perspective structures at the shallow water area near the Absheron peninsula have oil reserves.

Report informs, BP Regional President for Azerbaijan, Georgia and Turkey Gary Jones said at today's press conference.

"The interpretation and processing of 3-dimensional data obtained in 2016 from the production sharing agreement (PSA) on part of the Absheron peninsula has been completed in the fourth quarter of 2017. By signing a note of perspective with SOCAR, BP's commitment to drill exploration wells in three prospective areas in the shallow water part of the Absheron peninsula, was identified”, he added.

Notably, on December 22, 2014, BP and SOCAR (the State Oil Company of Azerbaijan Republic) have signed production sharing agreement (PSA) to jointly explore and develop potential prospects in the shallow water area around the Absheron Peninsula in the Azerbaijani sector of the Caspian Sea. This agreement is part of the Azerbaijani government's comprehensive plan to explore all marine areas in the national sector of the Caspian Sea. The agreement covers the southern part of the Absheron Peninsula along the Caspian Sea basin. The agreement covers 1900 sq. km area.