Azerbaijan ratifies BP's Shafag-Asiman contract

By OGJ editors
HOUSTON, May 10
-- BP PLC said Azerbaijan’s parliament ratified the production sharing agreement between BP and State Oil Co. of Azerbaijan Republic (SOCAR) on joint exploration and development of the Shafag-Asiman deepwater structure in the Caspian Sea off Azerbaijan.

The unexplored block covers 1,100 sq km in 650-800 m of water 78 miles southeast of Baku and 38 miles south-southeast of Shah-Deniz gas field. Reservoir depth is 7,000 m, BP said.

Rashid Javanshir, BP's regional president, said, “We are particularly pleased that the PSA was ratified by a unanimous vote. This is a good demonstration of the country’s acknowledgement of BP’s track record here and trust in our long-term commitment to Azerbaijan. We look forward to working in partnership with SOCAR to expand our mutual cooperation in exploration and development.”

The ratification follows the signing of the PSA in Baku in October 2010. Under the PSA, which is for 30 years, BP Exploration (Azerbaijan) Ltd. will be the operator with 50% interest, and SOCAR has 50%.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...