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Azerbaijan and BP launch commercial negotiations on Shafag-Asiman Fields

15 September 2009 15:49 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. According to a memorandum of understanding signed in July between BP and the State Oil Company of Azerbaijan (SOCAR) on the joint exploration and development of Shafag and Asiman promising offshore fields in the Azerbaijani sector of the Caspian Sea, the parties have begun commercial negotiations on details.

Vagif Aliyev, SOCARâ€™s head of investment department, said the parties have already begun to discuss the preliminary phase of commercial matters.

"The issue is not urgent, so it will be the subject of lengthy negotiations".

The memorandum gives BP the right to conduct negotiations with a view to signing the agreement on production sharing, exploration and development of the block located 125 km south-east of Baku.