SOCAR and BP can extend term of talks on PSA contract
Azerbaijan, Baku, June 8 / Trend /
SOCAR and British BP can extend the discussion on the PSA contract for joint exploration and development of prospective structures "Shafag" and "Asiman" in the Azerbaijani sector of the Caspian Sea, SOCAR said.
"The work is held under the contract with BP. Terms are completed in July this year. If we do not have time to sign a document, additional time to complete the work will be fixed," SOCAR said.
"Shafag" and "Asiman" are located 125 kilometers to the south-east of Baku. In July 2009, SOCAR and BP signed a memorandum on "Mutual understanding" on the joint exploration and development of "Shafag" and "Asiman" in London. Date of signing of the contract expires in July this year.
SOCAR head Rovnag Abdullayev said that the process of preparing the contract in the development of prospective structures "Asiman" and "Shafag" is under completion. Preparation of such contracts requires a lot of time. It takes approximately 1-1,5 years.
Exploration work has not been conducted on the block before. It is located in the depth of 650-800 m.
BP is the main foreign oil investor in Azerbaijan. It heads projects to develop the block of oil and gas fields "Azeri-Chirag-Guneshli" and gas condensate field Shah Deniz. BP is also an operator of the Baku-Tbilisi-Ceyhan pipeline.