BP, SOCAR get new in Caspian Sea concession

Dec 30, 2014 12:00 AM

BP and state oil company SOCAR have signed a new production sharing agreement (PSA) offshore Azerbaijan.

They will jointly explore for and develop potential prospects in the shallow water area around the Absheron Peninsula in the Azeri sector of the Caspian Sea.

The agreement is part of the government’s plan to ensure that all Azerbaijan’s offshore areas are fully explored.

The PSA contract area extends along the margins of the Caspian basin to the south of the peninsula, in water depths of up to 40 m (131 ft) and with potential reservoir depths of 3,000-5,000 m (9,842-16,404 ft).

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