BP, SOCAR need to agree on terms of Karabakh project

BP Azerbaijan and the State Oil Company of Azerbaijan (SOCAR) need to agree on the terms of the Karabakh project, Spokesperson for BP Azerbaijan Tamam Bayatly told journalists, Report informs.

She noted that the company wants to join the Karabakh project: "We have expressed our intention, but there are a large number of technical and commercial conditions related to the project. Each of them must be agreed upon, a document must be prepared so that we can sign it and join the project."

On September 20, 2024, a Memorandum of Understanding was signed between SOCAR and BP on the Karabakh oil field and the Ashrafi - Dan Ulduzu - Aypara (ADUA) section.

The first block is the Karabakh oil field, located 120 km east of Baku, 20-25 km from the Gunashli field, at a water depth of 150-200 meters. The second block is the ADUA site, located 90-110 km northeast of Baku, at a water depth of 80-180 meters.