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SOCAR and BP signs contract on Shafag-Asiman bloc- UPDATED

SOCAR and BP signs contract on Shafag-Asiman bloc- <font color=red>UPDATED</font>

07 October 2010 07:55 (UTC +04:00)

According to APA-ECONOMICS, the contract was signed by SOCAR president Rovnag Abdullayev and BP-Azerbaijanâ€™s president Rashid Javanshir. BPâ€™s new CEO Robert Dudley also attended the signing ceremony.

â€œI hope that joining of our leading technology and skill with Azerbaijanâ€™s experience and potential will increase the discoveries in Caspianâ€ said R. Dudley.

In term, Rovnag Abdullayev spoke about the cooperation between SOCAR and BP.

R. Dudley informed that the sides achieved many achievements during 20 years cooperation.

Note that the joint geological exploration and exploitation will continue for 4 years and can be prolonged for 3 years if it is necessary.

Note that, before BP and SOCAR signed a memorandum of understanding on exploration of this bloc in 2009 and agreed on main commercial details of the deal in July this year.

Shafag-Asiman bloc is located 125 km south-east from Baku and covers 110 mÂ² areas.