Gulf Oil and Gas accountACCOUNT

SOCAR & BP Sign New Production Sharing Agreement for Azerbaijan Exploration

Source: www.gulfoilandgas.com 4/26/2018, Location: Asia

SOCAR and BP have signed a new production sharing agreement (PSA) for the joint exploration and development of Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea. The PSA was signed in London, in the presence of UK Prime Minister Theresa May and Azerbaijanís President Ilham Aliyev, by Rovnag Abdullayev, President of SOCAR, and BP Group Chief Executive Bob Dudley.

Speaking at the signing event Mr Abdullayev said: 'We have a long tradition of successful cooperation with BP. I believe that the synergies between modern upstream technology and unique historical experience, embodied in both companies, create a solid basis for our continued success. Being based on fair and equal conditions, todayís agreement will become an important milestone in the pursuit of the highest degree of efficiency in the joint development of the natural resources of Azerbaijan.'

Mr Dudley said: 'This agreement underpins a new joint effort by SOCAR and BP to explore further Caspian opportunities in support of long-term production in Azerbaijan. We have now been operating in the region for more than 25 years and believe there is still significant oil and gas potential there. We look forward to continuing to build on our significant business in Azerbaijan, working closely with SOCAR and others to explore and help secure the Caspianís future for decades to come.'

Block D230 lies some 135 kms (84 miles) north-east of Baku in the Caspian Sea. It covers an area of some 3,200 sq kms and has not previously been explored. It has water depths of 400-600 metres and anticipated reservoir depths of about 3,500 metres.

Under the PSA, which is for 25 years, BP will be the operator during the exploration phase holding a 50 per cent interest while SOCAR will hold the remaining 50 per cent interest.

The signing of the PSA follows the Memorandum of Understanding for exploration of Block D230, which was agreed in May 2016.

Exploration News in Azerbaijan >>

Guyana >>  9/16/2019 - Tullow Oil plc (Tullow) announces that the Joe-1 exploration well has successfully opened a new Upper Tertiary oil play in the Guyana basin. ...
Norway >>  9/13/2019 - Norway's Petroleum Safety Authority has given Equinor consent for exploration drilling in Block 7219/9 in the Barents Sea. Well 7219/9-3 is part of pr...

Mexico >>  9/11/2019 - Talos Energy Inc. has received a two-year contract term extension as well as regulatory approvals for additional exploration activities on Block 7, lo...
United Kingdom >>  9/11/2019 - Independent Oil and Gas plc (IOG), the development and production company focused on becoming a substantial UK gas producer, is pleased to provide an ...

Egypt >>  9/8/2019 - President Abdel Fattah El Sisi met with Prime Minister Mostafa Madbouly, Minister of Electricity and Renewable Energy Mohamed Shaker Al Marqabi, Minis...
Nigeria >>  9/6/2019 - LEKOIL, the Africa-focused oil and gas exploration, development and production company, has announced that pursuant to a letter dated 4 September 2019...

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  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

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.