BAKU, Azerbaijan, March 13. bp will issue a cost recovery audit report on the Shallow Water Absheron Peninsular (SWAP) project in Azerbaijan at the end of 2023, Trend reports with reference to the company.
“Following dry hole results in each of the three prospective areas of SWAP PSA, the contract area was relinquished in December 2022. The joint operating agreement will continue in effect until final settlement has been made upon completion of the 2022 cost recovery audit report expected at the end of 2023,” said the company.
SOCAR and bp signed a PSA-contract on joint exploration at the potentially promising structures located in the shallow waters of the Absheron Peninsula on Dec. 22, 2014.
In April 2022, bp announced commencement of the third exploration well drilling for the Shallow Water Absheron Peninsula area.
The third exploration well -QBDX01 - was safely plugged and permanently abandoned in May 2022. The well, which was drilled in the South-East Prospective Area of the SWAP contract area, did not encounter economic hydrocarbons. The previous two wells drilled in the North-East (plugged and abandoned in December 2021) and West (plugged and abandoned in March 2022) Prospective Areas within the SWAP contract area had similar results. The QBDX01 exploration well represented the final phase of the planned activity within the SWAP exploration drilling program.
bp announced in July 2022 that its ending of exploration work on a block of prospective oil and gas fields in Azerbaijani area of Caspian Sea and the withdrawal from the project.
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