Azerbaijan, Baku, June 21 / Trend E.Ismayilov /
SOCAR's Geophysics and Geology Department and BP will sign several contracts to provide services in the Caspian Sea in the near future, a source in SOCAR said on Tuesday.
The source said SOCAR has already completed a number of geophysical surveys in the Caspian Sea for BP and currently the data is being processed.
"Work is underway on data processing, and five or six contracts will soon be signed," the source said.
Earlier, the Geophysics and Geology Department and BP signed a memorandum of understanding on providing technical services.
The MoU was signed on Dec.3, 2010. The MoU outlines intensions to sign a contract on future exploration, seismic data processing, geological and geophysical maps and technical services.
The memorandum aimed to facilitate the provision of services for the British company that is party to major oil and gas projects in Azerbaijan. Under the terms of the memorandum, it allows the Geophysics and Geology Department, without obtaining permission from SOCAR, to provide information and services to BP on projects in which the company participates. The Department should have special permission of SOCAR to get the data and use the services within the framework of other projects in Azerbaijan.
BP is the operator of the Azerbaijani Azeri-Chirag-Guneshli block of fields in the Caspian, and also acts as the technical operator of the Shah Deniz gas-condensate field development