Gulf Oil and Gas accountACCOUNT

Azerbaijan Parliament Ratifies Shafag-Asiman PSA

Source: www.gulfoilandgas.com 5/10/2011, Location: Asia

On May 6, the Parliament of the Republic of Azerbaijan ratified the new production sharing agreement (PSA) between BP and SOCAR on joint exploration and development of the Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea.

Rashid Javanshir, BP’s Regional President, said: “We are particularly pleased that the PSA was ratified by a unanimous vote. This is a good demonstration of the country’s acknowledgement of BP’s track record here and trust in our long-term commitment to Azerbaijan. We look forward to working in partnership with the State Oil Company of Azerbaijan (SOCAR) to expand our mutual cooperation in exploration and development.”

The ratification follows the signing of the PSA in Baku in October, 2010. 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.

Acquisitions and Divestitures News in Azerbaijan >>

Australia >>  2/18/2019 - Santos has announced it had reached an agreement to align the company’s interests, under Santos operatorship, across four exploration permits in the B...
Indonesia >>  2/18/2019 - Andalas Energy and Power has provided an update in relation to its proposed acquisition of an interest in the Bunga Mas production sharing contract ('...

Egypt >>  2/15/2019 - Eni has been granted by Egyptian Authorities two exploration blocks onshore Egypt. The first block, “South East Siwa” (Eni 100%), has been assigned wi...
Thailand >>  2/15/2019 - PTT Exploration and Production Public Company Limited (PTTEP) disclosed that its subsidiary, PTTEP SP Limited, signed the Share Purchase Agreement (SP...

Australia >>  2/14/2019 - On 25 January 2019, Vintage Energy Ltd received Ministerial consent, the final condition precedent of the Sale and Purchase Agreement between Vintage ...
United Kingdom >>  2/14/2019 - AIM-listed UK Oil & Gas (UKOG), the largest onshore licence acreage holder in the Weald Basin, has entered into a binding heads of terms withDoriemus ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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

Oil & Gas Projects in Azerbaijan >>

More News

Related Links

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