Baku, Azerbaijan, Sept. 27
By Maksim Tsurkov – Trend:
Azerbaijan’s state oil company SOCAR and BP will intensify preparations for signing of a contract to explore prospective sites of the block D230 in the North Absheron Basin in Azerbaijani sector of the Caspian Sea, a source in SOCAR told Trend Sept. 27.
SOCAR and BP signed a memorandum of understanding (MOU) in May 2016 to jointly explore the prospects of the block D230 in the North Absheron Basin.
“There is an MOU regarding this block,” the source said. “In past months, the parties’ attention was shifted to preparation of a new agreement on the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields, but now the sides will start more intensive preparation of a contract [on D230] and will try to solve this issue this year.”
The MOU gives BP an exclusive right to hold talks with SOCAR for conclusion of an agreement on exploration and development at the block D230.