ECONOMY


BP, SOCAR to sign agreement on joint geological exploration and development in block D230

Baku, April 23, AZERTAC

BP and the State Oil Company of Azerbaijan (SOCAR) will sign an agreement on joint exploration and development of block D230 in the North Absheron Basin in the Azerbaijan sector of the Caspian Sea, said BP's vice president for communications, external affairs and strategy in Azerbaijan, Georgia and Turkey region Bakhtiyar Aslanbayli in an exclusive interview with AZERTAC.

Aslanbayli noted that the agreement will cover the geological exploration and development of block D230. "There may be significant oil reserves in this area. All the necessary work has been done and a new agreement is expected to be signed in the coming days," he added.

On May 24, 2016, BP and SOCAR signed a memorandum of understanding to jointly explore potential prospects in block D230 in the North Absheron Basin in the Azerbaijan sector of the Caspian Sea. 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.

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

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