SOCAR and BP agree on joint exploration at D230 block at North Absheron

Go to Media center SOCAR and BP agree on joint exploration at D230 block at North Absheron

25 May 2016

SOCAR and BP will conduct joint geological exploration at the prospective block of D230 at the North Absheron field. The companies signed the corresponding memorandum of intent on May 24, 2016. The document was signed by heads of SOCAR R. Abdullayev and regional director of BP in Azerbaijan, Georgia and Turkey G. Birrell.
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 block D230.
Block 230 covers areas in a water depth of up to 300 meters with the reservoir depth of 3000-5000 meters.
BP’s office was opened in Baku in 1992. Since then, the company participated in a series of the upstream project in Azerbaijan together with SOCAR.

BP Azerbaijan is an operator of Azerbaijan’s Azeri-Chirag-Gunashli (ACG) block of oil and gas fields, where the Azeri Light oil is being produced.

With a 25.5% share, BP is also the operator of the Shah Deniz gas field, which production was commissioned in 2006. Stage 2 development of this gas condensate field is a giant project expected to open up Azerbaijan as a major gas supplier to the European market through a Southern Gas Corridor pipeline network.

BP operates also the Baku-Tbilisi-Ceyhan (BTC) pipeline which passes through Azerbaijan, Georgia and Turkey to transport Caspian oil to the Mediterranean coast.

The company signed a PSA agreement with SOCAR to explore and develop Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea as well.

SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, as well as, supplying natural gas to industry and the public in Azerbaijan.

Three production divisions, one oil refinery and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.

The company has representative offices in Georgia, Turkey, Romania, Austria, Switzerland, Kazakhstan, Great Britain, Iran, Germany and Ukraine, as well as, trading companies in Switzerland, Singapore, Vietnam, Nigeria, and other countries.