Baku, Azerbaijan, June 2
By Leman Zeynalova - Trend:
The Shallow Water Absheron Peninsula (SWAP) will contribute to nearshore exploration success in the Caspian Sea basin, said Nazim Abdullayev, senior exploration geoscientist at BP Azerbaijan, Georgia, Turkey region.
He made the remarks during the 24th Caspian International Oil and Gas Conference in Baku June 2.
"The South Caspian Basin is a prolific petroleum province with much historical exploration success. To replenish resource, we require continuous targeted exploration in all of the basin areas, specifically, nearshore," said Abdullayev.
Talking about the transition zone acquisition over SWAP, he said that productivity was greater than on other transition zone (TZ) projects in Azerbaijan.
"We used very large number of nodes, employed 250-300 people in acquisition and achieved a shot record with up to 26 square kilometers shot in a single day," he noted.
A production sharing agreement (PSA), called SWAP, meant for geological exploration and development of promising structures in the Azerbaijan's Absheron Peninsula's shallow waters was signed in December 2014.
The PSA, inked by Azerbaijan's state oil company SOCAR and BP, was ratified in April 2015.
The PSA area stretches along the Absheron Peninsula's southern part, covering an area of about 1,900 square kilometers. In this area the sea depth is about 25 meters, with potential reservoir depths of 3000 to 5000 meters.
BP, which is the project's technical operator, holds 50 percent of shares in the PSA, while the remaining 50 percent in it belongs to SOCAR.