The state oil company of Azerbaijan Republic (SOCAR) and British energy giant BP inked a memorandum of understanding (MoU) to explore and develop potential reserves in block D230 in the North Absheron basin, Socar reported on Monday.
The memorandum agreement was inked by Rovnag Abdullayev, Socar’s president and Gordon Birrell, the regional president of BP.
“BP and SOCAR are linked with a long history of an effective partnership. 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. 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,” said Abdullayev.
Block 230 is located in North Absheron Basin in the Azerbaijan sector of the Caspian Sea and covers areas in water up to 300 meters in depth with a reservoir depth of 3000-5000 meters.
“This is an important day for both Azerbaijan and BP. 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,” stated Birrell.
BP opened its office in Azerbaijan in 1992. The company is the operator of various Caspian Sea-based upstream projects, such as the Azeri-Chirag-Gunashli (ACG) oil and gas field, the Shah Deniz gas field project and the Baku-Tbilisi-Ceyhan pipeline project.
By Ugur Ertas