Industry and Energy

Home page

Industry and Energy

BP and SOCAR sign MoU on joint geological survey and exploitation of Shafag and Asiman prospective structures

13 July 2009 14:56 (UTC +04:00)

London â€“ APA. On Monday, BP and SOCAR sign Memorandum of Understanding on joint geological survey and exploitation of Shafag and Asiman prospective structures in the Azerbaijani sector of the Caspian Sea in London, BP office in Baku told APA. As a part of the government plan for perfect exploration of Azerbaijanâ€™s sea territories, the memorandum gives BP an exclusive right to hold negotiations over production share agreement on the geological survey and exploitation of that bloc located in 125 km south-east of Baku. The memorandum of understanding was signed in London by SOCAR President Rovnag Abdullayev and chief executive of BPâ€™s exploration and production business Andy Inglis with the participation of President of Azerbaijan Ilham Aliyev and British Prime Minister Gordon Brown. The bloc covers approximately 1100 square km and was never explored before. It located in the area with 650-800 m depth and collectorsâ€™ depth is 7000 m.