BP, SOCAR sign Caspian PSA

BP Plc and Azerbaijan's state oil company, SOCAR, have signed a new production sharing agreement (PSA) to jointly explore for and develop potential prospects in the shallow-water area around the Absheron Peninsula in the Azerbaijan sector of the Caspian Sea.

This new agreement is part of the government’s plan to ensure that all of Azerbaijan’s offshore areas are fully explored.

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 131 feet (40 meters) with potential reservoir depths of 9,842 to 16,404 feet (3,000 to 5,000 meters).

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