BP to sign geophysical contract on Caspian Sea

Azerbaijan, Baku, Nov. 1 / Trend , E.Ismayilov /

Caspian Geophysical and BP Azerbaijan will soon sign a contract to carry out geophysical research in the East Azeri field, a source in the oil and gas market told Trend.

The source earlier said the work is planned to begin in December.

"The work under this project is underway and the second contract with BP is expected to be signed in the coming days," he said.

Under the contract, he said, Caspian Geophysical will execute 4D geophysical research via the Gilavar geophysical vessel.

The contract to develop the large offshore field Azeri-Chirag-Guneshli was signed in 1994.

ACG participating interests are: BP (operator - 35.83 %), Chevron (11.27%), AzACG (11.6 %), INPEX (10.96%), Statoil (8.56%), Exxonl (8%), TPAO (6.75%), ITOCHU (4.3%), Hess (2.72%).

The first geophysical research contract, which was signed between the parties in May, implies 3D studies on the prospective Shafag-Asiman block, which is also located in the Azerbaijani sector of the Caspian Sea.

The source said preparing is underway to this end. Particularly, work is underway to deploy the necessary geophysical equipment. Field offshore work under this contract will be completed within 70 days, but in the event of adverse weather conditions, time limits may be extended.

The SOCAR and BP signed the PSA on "Shafag-Asiman" for a period of 30 years. The exploration period is 4 years with possible prolongation for another 3 years. The first stage of exploration works envisions drilling of two wells. The second one assumes drilling of two more wells, 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.

"Shafag" and "Asiman" structures are located 125 kilometers to the south-east of Baku. SOCAR and BP signed a memorandum on "Mutual understanding" on the joint exploration and development of "Shafag" and "Asiman" in London in July 2009. Exploration work has not been conducted on the block before.

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