Baku, Azerbaijan, Nov. 1
By Maksim Tsurkov – Trend:
BP Azerbaijan sees big undiscovered potential in oil fields at promising structures in shallow waters around Absheron Peninsula, Arzu Javadova, representative of the company's exploration department, said Nov. 1.
She was commenting on the implementation of the Shallow Water Absheron Peninsula (SWAP) agreement at the SPE’s 4th Caspian Technical Conference and Exhibition in Baku.
“The stage of interpreting seismic data is completed, and the work is underway to evaluate the resources,” Javadova said. “After this, the stage of determining economic profitability will begin.”
She noted that new stratigraphic and fracture oil traps were discovered on the SWAP contract area.
SWAP, a production sharing agreement (PSA), meant for geological exploration and development of promising structures in shallow waters around Azerbaijan's Absheron Peninsula 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 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 belong to SOCAR.