BAKU, Azerbaijan, December 23. bp hopes its participation in the development of Karabakh and Ashrafi-Dan Ulduzu-Aypara (ADUA) fields in Azerbaijan will be an opportunity for the two projects to get access to international standards, bp Azerbaijan told Trend.
On September 20, a memorandum of understanding was signed in Baku between bp and SOCAR, outlining bp's intention to join agreements for Karabakh oil field and Ashrafi-Dan Ulduzu-Aypara (ADUA) field.
bp said that for its part, the company signed the memorandum of understanding in order to be able to commence discussions with SOCAR reading its participation in the exploration and development of Karabagh and ADUA.
"We see this as another great opportunity to work jointly with SOCAR adding to our 30 year-long exceptionally successful partnership. We believe our participation in the exploration and development of the two blocks would speed up the progress of the projects through synergies as we work together to identify development scenarios that would make best use of the world class infrastructure we operate in the region, in particular our offshore assets and infrastructure.
We hope our participation will be an opportunity for the two projects to get access to international standards linking them with bp's global experience, technical and commercial knowledge, advanced technology and financial resources. We look forward to this significant business opportunity and to SOCAR's support for realizing it," said the company.
bp believes both projects are very promising.
"The MoU was signed on the 30th anniversary of ACG, coinciding with Azerbaijan's Oil Workers' Day. This symbolic occasion highlights the significant potential of Azerbaijan's hydrocarbon resources, ensuring they will continue to benefit the nation for many decades to come," said the company.
The existing risk service agreement for the development of Karabakh field was signed in 2018 and ratified by the Azerbaijani parliament. Currently, SOCAR holds 100 percent of the shares under this agreement.
The Ashrafi-Dan Ulduzu-Aypara field is situated 90-110 kilometers northeast of Baku, at a depth of 80-180 meters. This area includes several existing and promising structures. An active agreement for exploration, development, and production sharing in the ADUA area was also signed in 2018 and ratified by the parliament, with SOCAR currently owning a 100 percent share in this agreement.
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