Azerbaijan's state oil firm Socar and BP have signed a memorandum of understanding (MOU) to jointly explore potential prospects in block D230 in the North Absheron Basin in the Azerbaijan sector of the Caspian Sea.
The MOU gives BP the exclusive right to negotiate an agreement with Socar to explore and develop block D230.
The MOU was signed in Baku by Rovnag Abdullayev, President of Socar, on behalf of the government of the Republic of Azerbaijan, and Gordon Birrell, BP’s Regional President for Azerbaijan, Georgia and Turkey.
Rovnag Abdullayev said: “Socar and BP are linked with a long history of an effective partnership. In Azerbaijan, BP has been the main investor and operator of great projects of regional and global significance. The relationships between the two companies have continued to grow. We have achieved successful results in all projects we have cooperated in. Today we are signing a new Memorandum of Understanding which will lay the foundation of a new offshore project. This will become another opportunity underpinning our long-term relationship with BP.”