ECONOMY


BP and SOCAR sign MoU on North Absheron basin

A+ A

Baku, May 24, AZERTAC

BP and the State Oil Company of Azerbaijan (SOCAR) have today 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 document was signed 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 in Baku.

As part of the government’s plan to ensure that all of Azerbaijan’s offshore waters are fully explored this MOU gives BP the exclusive right to negotiate an agreement with SOCAR to explore and develop block D230.

Rovnag Abdullayev said: “BP and SOCAR 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.”

Mr. Birrell said “This is an important day for both Azerbaijan and BP. It continues the cooperation that will enable us to work together to ensure the long term future for Azerbaijan’s oil and gas production through exploring new opportunities. Based on our extensive experience in exploration around the world and our expertise based on the best technology available in the industry, we look forward to this new opportunity and are committed to contribute to maintaining oil production in Azerbaijan for many decades.”

Block 230 covers areas in a water depth of up to 300 metres with the reservoir depth of 3000-5000 metres.

© Content from this site must be hyperlinked when used.

FEEDBACK

Fields with * are required.

Please enter the letters as they are shown in the image above.
Letters are not case-sensitive.