BAKU, Azerbaijan, Jan.31
By Leman Zeynalova – Trend:
Seismic acquisition of block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea ongoing, BP Azerbaijan told Trend.
“We expect to complete it later this year. This will be followed by the processing and interpretation of the acquired data,” said the company.
BP Azerbaijan said that based on the results the planning of exploration activities will start.
The purpose of seismic exploration is to assess the prospects for hydrocarbons in this area, after which goals for potential future of the exploration drilling can be determined. This data will be used to inform about the extent and planning of exploration and development of the zone.
In May 2016, BP and SOCAR signed a memorandum of understanding (MOU) to jointly explore potential prospects in the block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea.
In April 2018, Azerbaijan’s state oil company SOCAR and the BP signed a production sharing agreement in London on joint exploration and development of the D230 block.
In November 2018, Azerbaijani President Ilham Aliyev approved the law on granting permission to accept, approve and implement a production sharing agreement for joint exploration and development at the prospective block D230.
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