BP, SOCAR ink agreement to explore shallow water around Absheron Peninsula

Baku. 23 December. REPORT.AZ/ BP and SOCAR (the State Oil Company of Azerbaijan) signed Dec. 22 a new production sharing agreement (PSA) to jointly explore for and develop potential prospects in the shallow water area around the Absheron Peninsula in the Azerbaijani sector of the Caspian Sea, BP said in a message.

This new agreement is part of the government’s plan to ensure that all of Azerbaijan’s offshore areas are fully explored.

The PSA was signed by Rovnag Abdullayev, President of SOCAR, on behalf of the government of Azerbaijan, and Gordon Birrell, BP’s Regional President for Azerbaijan, Georgia and Turkey.

“The signing of this new PSA, which clearly deepens our partnership with BP, is an important milestone for all parties involved – the government, SOCAR and BP,” Abdullayev said.

“It marks the beginning of a new phase in our cooperation. This phase will enable us to work together to ensure the long term future for Azerbaijan’s oil and gas production through exploring new opportunities. We look forward to this new opportunity that has a potential to contribute to maintaining oil production in Azerbaijan for many decades,” he added.

Gordon Birrell, for his part, said BP is proud to embark on this new era of exploration in the Caspian Sea together with SOCAR.