BP and the state oil company of the Republic of Azerbaijan, SOCAR signed a production sharing agreement (PSA) for the exploration and development of the potential prospects in the shallow water area around the Absheron Peninsula located in the Azerbaijan sector of the Caspian Sea.
The PSA contract area stretches along the margins of the Caspian basin to the south of the Absheron Peninsula. The acreage features water depths of up to 40m with potential reservoir depths of 3000-5000m.
This new agreement is part of the government’s plan to ensure that all of Azerbaijan’s offshore areas are fully explored.
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,” says Rovnag Abdullayev, SOCAR president.
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