BP, SOCAR sign MOU to explore block in Caspian Sea

May 24, 2016 12:00 AM

BP and Azerbaijan's state oil company SOCAR signed a memorandum of understanding (MOU) to jointly explore potential prospects in the block D230 in the North Absheron Basin in the Azerbaijan sector of the Caspian Sea, according to a joint statement by SOCAR and BP issued May 24.

As part of the government's plan to ensure that all of Azerbaijan's offshore waters are fully explored, this MOU gives BP the exclusive right to negotiate an agreement with SOCAR to explore and develop the block D230, according to the statement.

The MOU was signed in Baku, May 24, on behalf of the government of Azerbaijan by Rovnag Abdullayev, president of SOCAR, and Gordon Birrell, BP's regional president for Azerbaijan, Georgia and Turkey.

"BP and SOCAR are linked with a long history of an effective partnership," Abdullayev said. "In Azerbaijan, BP has been the main investor and operator of great projects of regional and global significance. The relationships between the two companies have continued to grow."

"We have achieved successful results in all projects we have cooperated in," he said. "Today we are signing a new Memorandum of Understanding which will lay the foundation of a new offshore project. This will become another opportunity underpinning our long-term relationship with BP."

"This is an important day for both Azerbaijan and BP," Birrell said in turn. "It continues the cooperation that will enable us to work together to ensure the long term future for Azerbaijan's oil and gas production through exploring new opportunities."

"Based on our extensive experience in exploration around the world and our expertise based on the best technology available in the industry, we look forward to this new opportunity and are committed to contribute to maintaining oil production in Azerbaijan for many decades," he said.

Block 230 covers areas in a water depth of up to 300 meters with the reservoir depth of 3,000-5,000 meters.

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