Evaluation program may be conducted on Shafag-Asiman offshore block

On the Shafag-Asiman offshore block, the first exploration well was spudded on January 13, 2020. Once completed, the well data will be analyzed, and, if successful, an evaluation program may be conducted to confirm the results, BP-Azerbaijan told Report.

BP and State Oil Company of the Republic of Azerbaijan (SOCAR) signed a new production sharing agreement (PSA) on joint exploration and development of the Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea on October 7, 2010. This marked the beginning of BP’s bilateral cooperation with SOCAR in the exploration and development of a new offshore block.

The signing of the PSA followed the earlier concluded Heads of Agreement (HOA), which defined the basic commercial principles of the contract. Under the PSA, BP will be the operator with 50 percent interest, while SOCAR will hold the remaining 50 percent equity.

The block lies some 125 kilometers (78 miles) to the South-East of Baku. It covers an area of some 1100 square kilometers and has never been explored before. It is located in a deepwater section of about 650-800 meters, with a reservoir depth of about 7000 meters.