BP to start drilling first well at on Shallow Water Absheron Peninsula later in 2019

Oil&Gas Materials 13 May 2019 17:25 (UTC +04:00)

Baku, Azerbaijan, May 13

By Leman Zeynalova - Trend:

BP intends to start drilling the first well at on Shallow Water Absheron Peninsula later in 2019, Trend reports citing BP.

“Planning for the exploration wells drilling in the selected three prospective areas on Shallow Water Absheron Peninsula (SWAP) is ongoing with the view to commence to drill the first well later this year,” BP said in its report on Q1 2019.

Moreover, as BP said, on Shafag-Asiman, planning for the drilling of the first exploration well continues.

Current plans are to commence drilling activities later this year, according to the company.

As for Block D230, BP said it is planning to conduct a 3D seismic acquisition in 2019. “Based on the results of the seismic survey we will begin planning of the first exploration well in 2020.”

SOCAR and BP signed a contract on the Shafag-Asiman block for a period of 30 years in October 2010. In the operational period the sides will implement joint operatorship within the project. Shared participation in the contract between BP and SOCAR is 50 to 50 percent.

The forecast reserves of the Shafag-Asiman block stand at 500 billion cubic meters of gas and 65 million tons of condensate.

The production sharing agreement (PSA) between Azerbaijan’s state oil company SOCAR and BP for geological exploration and development of promising structures in shallow waters around Azerbaijan’s Absheron Peninsula was signed December 22, 2014.

The work under the agreement is divided into three phases: primary exploration, main exploration and field development. The agreement envisages that the development phase will last 23 years, but this period may be extended.

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