BAKU, Azerbaijan, June 24
By Leman Zeynalova – Trend:
bp has completed preparations to start drilling the first exploration well as part of the Shallow Water Absheron Peninsula (SWAP) project in Azerbaijan, Bakhtiyar Aslanbayli, bp Vice president for communications and advocacy, Middle East and Caspian, told Trend.
“Seismic survey has been completed. We have prepared a plan for drilling three exploration wells for SWAP. Preparation works for the first exploration well have been completed. The Environmental and Social Impact Assessment for the first well was approved by the Azerbaijani government in January 2021. The drilling of the first well will start in coming months. If time allows, the second well drilling will start by late 2021. The ESIA for the second well is ready and we will disclose it to the public soon. After public disclose, the document will be presented to the government,” he explained.
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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