Baku, Azerbaijan, Dec. 29
By Emil Ismayilov - Trend:
BP will hold 2D seismic surveys in 2015 on potentially promising structures in the shallow part of the Caspian Sea's Azerbaijani sector around the Absheron Peninsula, a source in the oil and gas market told Trend Dec. 29.
The surveys are stipulated by a production sharing agreement (PSA) on joint geological explorations, which was signed last week by the State Oil Company of Azerbaijan (SOCAR) and BP.
The source said BP is currently in talks with the Caspian Geophysical JV LLC, which renders geophysical services, in order to hold the 2D seismic surveys.
"The parties have not yet signed a contract, but it is expected that after reaching an agreement, the contractor can start working in July 2015," the source added.
He said that after the conclusion of the contract, the Caspian Geophysical JV LLC will hold a 2D survey from the geophysical survey vessel Gilavar
"The company will not carry out the data processing and interpretation," he added.
The new PSA is a part of Azerbaijani government's plan to ensure that all of Azerbaijan's offshore areas are fully explored.
The PSA area stretches along the margins of the Caspian basin to the south of the Absheron Peninsula. The acreage features water depths of up to 40 meters with potential reservoir depths of 3,000-5,000 meters.
In Azerbaijan, BP operates the development of the Azeri-Chirag-Guneshli offshore oil and gas fields and the Shah Deniz offshore gas and condensate field.
The company is also a party to a contract for exploration and development of prospective Shafag-Asiman offshore gas and condensate block.
Follow the author on Twitter: @Emilsmail