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SOCAR and BP-Azerbaijan to sign contract about exploration of prospective structures in autumn

06 July 2010 15:22 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. SOCAR (State Oil Company of Azerbaijan) and BP-Azerbaijan will sign a contract about the joint exploration in Shafag and Asiman prospective structures in autumn, head of the SOCARâ€™s Investment Management Department Vagif Aliyev informed.

The main principles of the contract are almost drafted and the contract is expected to be signed in autumn, he said.

He also emphasized that the â€œMain Principles Contractâ€œ about the drafting of the contract for joint exploration in Shafag and Asiman prospective structures was signed for 30 years. â€œThe exploration term in prospective structures was determined for 4 years. During this period, BP-Azerbaijan will drill a exploratory well. According tom consultations to be held between the sides, more 2 exploratory wells can be drilled during three years.â€