BAKU, Azerbaijan, May 26
By Leman Zeynalova – Trend:
bp is finalizing its preparations to start the drilling of the first SWAP (Shallow Water Absheron Peninsula) exploration well out of the planned three wells, bp Azerbaijan told Trend.
“The Environmental and Socio-economic Impact Assessment (ESIA) for the first SWAP well was disclosed in August 2020 and following public discussions was approved by the government in January 2021 providing permission to commence drilling activities in 2021,” said the company.
BP signed a new production sharing agreement (PSA) with SOCAR in December 2014 to jointly explore for and develop potential prospects in the shallow water area around the Absheron peninsula in the Azerbaijan sector of the Caspian sea. This PSA was ratified by the Milli Majlis (Parliament of Azerbaijan) on 14 April 2015. This enables BP to move forward with its commitments under this PSA using its experience and advanced technology solutions from other shallow water areas around the world.
Under the PSA BP is the operator with 50 percent interest while SOCAR holds the remaining 50 percent equity.
The PSA contract area stretches along the margins of the Caspian basin to the south of the Absheron peninsula. The acreage features water depths of up to 40 metres with potential reservoir depths of 3000-5000 metres. This will enable BP to bring its experience and advanced technology solutions from other shallow water areas around the world to this area.
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