BP to search for more oil in Caspian Sea in early 2016
Baku, Azerbaijan, Nov. 10
By Maksim Tsurkov - Trend:
BP plans to begin seismic surveys at promising locations in the shallow waters around the Absheron peninsula in the Azerbaijani sector of the Caspian Sea in February or March 2016, BP's Regional Director for Azerbaijan, Georgia and Turkey Gordon Birrell told reporters Nov. 10.
"We are very pleased that we have signed an agreement on this project with SOCAR," he said. "We believe that there are great opportunities for long-term cooperation within the project. We are already conducting the preparatory work. The initial seismic survey will begin in the contract area in February or March 2016."
He also said that the company intends to complete interpreting and processing data obtained from the seismic exploration by late 2016.
"Proceeding from the obtained results, we will be able to determine our next actions," Birrell said.
The territory, covered by the production sharing agreement between SOCAR and BP to carry out development and exploration work in shallow waters of the Absheron peninsula, stretches along the southern part of Absheron and covers an area of some 1,900 square kilometers.
The sea depth in this area reaches 40 meters, while the depth of the potentially productive strata is 3,000-5,000 meters.
BP and SOCAR each hold 50 percent shares in the agreement.
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