Gulf Oil and Gas accountACCOUNT

BP and SOCAR Sign Shafag-Asiman PSA

Source: www.gulfoilandgas.com 10/7/2010, Location: Asia

BP and SOCAR (the State Oil Company of the Republic of Azerbaijan) had signed a new production sharing agreement (PSA) on joint exploration and development of the Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea.

The PSA was signed today in Baku by Rovnag Abdullayev, President of SOCAR, and Rashid Javanshir, BP Azerbaijan President, in the presence of BP’s visiting Group Chief Executive Officer (CEO) Robert Dudley.

Speaking at the event Mr Dudley said: “This is an important day for Azerbaijan and BP as it marks the beginning of our bilateral cooperation in exploration and development of a new offshore block. With SOCAR and our partners BP has helped to establish Azerbaijan as a world scale oil and gas producer, and I believe the significant remaining potential will continue to make it relevant for decades to come.”

“We in BP very much hope that the combination of our leading technology and expertise with Azerbaijan’s experience and potential will lead to new discoveries in the Caspian,” Dudley added.

The signing of the PSA follows the earlier concluded Heads of Agreement (HOA) which defined the basic commercial principles of the contract. Under the PSA, which is for 30 years, BP Exploration (Azerbaijan) Limited will be the operator with 50 per cent interest while SOCAR will hold the remaining 50 per cent equity.

The block lies some 125 kilometers (78 miles) to the SE of Baku. It covers an area of some 1100 square kilometers and has never been explored before. It is located in a deepwater section of about 650-800 meters with reservoir depth of about 7000 meters.

Exploration News in Azerbaijan >>

Australia >>  5/29/2020 - Melbana Energy Limited has been advised by the National Offshore Petroleum Titles Administrator that its application for a 12 month suspension of the ...
Australia >>  5/25/2020 - Queensland continues to take the lead on gas supply for the domestic market, with Santos and Denison Gas the latest to take up the hunt in the state’s...

Egypt >>  5/23/2020 - The Ministry of Petroleum and Mineral Resources said it signed seven agreements on natural gas exploration with total investments worth 975 million do...
Lebanon >>  5/19/2020 - Monday 1 June 2020 is the new deadline to submit the licensing round applications for the Lebanon Second Offshore Licensing Round. Adapting to current...

Mauritania >>  5/19/2020 - Confidence had returned to global exploration with improved performance and the emergence of several new multi-billion barrel plays. The confidence ca...
China >>  5/18/2020 - According to the relevant provisions of the Regulations of the People's Republic of China on the Exploitation of Offshore Petroleum Resources in Coope...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Azerbaijan Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |

Oil & Gas Projects in Azerbaijan >>

More News

Related Links

AZ BD BN CN GE HK ID IN IR JP KH KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.