BP updates on exploration activities on Azerbaijan’s prospective areas

BP updates on exploration activities on Azerbaijan’s prospective areas

BAKU, Azerbaijan, May 12

By Leman Zeynalova – Trend:

BP has updated on exploration activities on Azerbaijan’s prospective areas, Trend reports with reference to BP Azerbaijan.

On the Shafag-Asiman offshore block, the first exploration well was spudded on 13 January 2020. Once completed, the well data will be analysed and, if successful, an evaluation programme may be conducted to confirm the results.

On D230, a 3D seismic acquisition programme, which commenced in December 2019, was successfully completed on 14 March 2020. The processing of the acquired data has started and will be followed by interpretation. If the results from the interpretation of the seismic survey are positive, we will begin planning for the first exploration well.

In the Shallow Water Absheron Peninsula planning for the exploration wells drilling in three selected prospective areas is ongoing. We will commence drilling activities early next year once the upgrade of the rig selected to drill the first well is completed.

Shallow Water Absheron Peninsula (SWAP) is a prospective block around the Absheron Peninsula in Azerbaijan.

The production sharing agreement (PSA) between SOCAR and BP for geological exploration and development of promising structures in shallow waters around Azerbaijan’s Absheron Peninsula was signed on 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.

On April 26, 2018, SOCAR and BP signed a PSA for joint exploration of the prospective block D230 in the North Absheron basin in the Azerbaijani sector of the Caspian Sea.

The parties have equal equity shares in the agreement.

SOCAR and BP signed a contract on the Shafag-Asiman block for a period of 30 years in October 2010. The forecast reserves of the Shafag-Asiman block stand at 500 billion cubic meters of gas and 65 million tons of condensate.

The block lies some 125 kilometers (78 miles) to the South-East of Baku. It covers an area of some 1100 square kilometers and has never been explored before. It is located in a deepwater section of about 650-800 meters with reservoir depth of about 7000 meters.

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Follow the author on Twitter: @Lyaman_Zeyn

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