Azerbaijan, Baku, March 5 / Trend E.Ismayilov /
In 2013, the BP-Azerbaijan company will continue processing 3D seismic survey conducted on the prospective Shafag-Asiman structure in the Azerbaijani sector of the Caspian Sea, BP's report on the results of 2012 says.
According to the report, this work was conducted last year and will continue this year.
'Some 18 months will be required for data interpretation and another year for planning of the first exploration well', the report says.
The State Oil Company of Azerbaijan and BP signed a contract on Shafag-Asiman for a period of 30 years. The exploration period is four years with a possible extension for another three. The first stage of exploration work envisages the drilling of two wells. The second one assumes the drilling of a further two, if necessary. As the sides go over to the production stage they will operate the project jointly. The two companies hold equal interests in the project.
The Shafag and Asiman complexes are located 125 kilometres to the south-east of Baku. SOCAR and BP signed a Memorandum of Mutual Understanding (MMU) on the joint exploration and development of Shafag and Asiman in London in July 2009.