Seismic survey will be conducted in Block D230 during first half of 2019

Baku. 1 August. REPORT.AZ/ Following signature of the new production sharing agreement (PSA) for the joint exploration and development of Block D230 in April 2018, plans are being developed for a seismic acquisition programme. Subject to PSA ratification by the Parliament of Azerbaijan, the survey will be conducted in the contract area during the first half of 2019. Report informs, the field operator BP-Azerbaijan informed.

Notably, the agreement was signed by President of SOCAR Rovnag Abdullayev and BP’s Group Chief Executive Bob Dudley in London with the participation of Azerbaijani President Ilham Aliyev and British Prime Minister Theresa May.

Block D230 lies some 135 kilometres (84 miles) north-east of Baku in the Caspian Sea. It covers an area of some 3,200 square kilometres and has not previously been explored. It has water depths of 400-600 metres and anticipated reservoir depths of about 3,500 metres. Under the PSA, which is for 25 years, BP will be the operator during the exploration phase holding a 50 per cent interest while SOCAR will hold the remaining 5 per cent interest. The signing of the PSA follows the Memorandum of Understanding for exploration of Block D230, which was agreed in May 2016.