SOCAR, BP SIGN AGREEMENT
Baku, July 7 (AZERTAC). The State Oil Company of the Azerbaijan Republic (SOCAR) and BP have signed a document called Heads of Agreement (HOA) which defines the basic commercial principles for a PSA for the Shafag and Asiman offshore block.
The Agreement follows the signing in London on July 13, 2009 of the memorandum of understanding between SOCAR and BP to jointly explore and develop the Shafag and Asiman structures in the Azerbaijan sector of the Caspian Sea.
The document was signed by SOCAR`s president Rovnag Abdullayev and president of BP Azerbaijan Rashid Javanshir in the presence of BP Group Chief Executive Tony Hayward witnessed the signing.
Following the signing ceremony, Abdullayev told of the BP-operated projects in Azerbaijan.
Hayward, in turn, praised the cooperation between BP and SOCAR.
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