BP, SOCAR to explore untapped Caspian acreage
BP and the State Oil Company of the Republic of Azerbaijan (SOCAR) have signed a Memorandum of Understanding (MOU) to jointly explore and develop the Shafag and Asiman structures in the Azerbaijan sector of the Caspian Sea.
As part of the government's plan to ensure that all of Azerbaijan's offshore waters are fully exploited this MOU gives BP the exclusive right to negotiate a production sharing agreement to explore and develop the block, which lies some 78 mi to the south east of Baku.
The block covers an area of some 425 sq mi and has never been explored before. It is located in a deepwater section of about 2,000–2,600 ft with reservoir depth of about 23,000 ft.