SOCAR, BP sign new agreement
Azerbaijan, Baku, Oct.6/ Trend, E.Ismayilov /
Geophysics and Geology Department of the State Oil Company of Azerbaijan (SOCAR) and BP signed a framework agreement on technical services, SOCAR said on Saturday.
As SOCAR First Vice-President on Geology, Geophysics and Mining Khoshbakht Yusifzade said at the signing ceremony, by signing the new agreement SOCAR's opportunities in providing technical services in exploration and evaluation projects, in which BP is the operator, increases.
The agreement was signed by Geophysics and Geology Department head Vagif Abdullayev and BP executive manager Paul Evans.
BP is the operator of development of the "Azeri-Chirag-Guneshli" oil and gas fields' block and the technical operator of "Shah Deniz" gas and condensate field.
Also SOCAR and BP signed a contract on the prospective structure "Shafag-Asiman" for a period of 30 years. The exploration period is four years with possible extension for another three years. At the first stage it is planned to drill two wells. At the second stage, if necessary two more wells will be drilled. By transiting to the operational period, the parties will be involved in joint operatorship within the project. Share distribution in the contract is 50 to 50 percent.