BAKU, Azerbaijan, June 3. bp today announced that it has completed its acquisition of participating interests in two offshore exploration and development blocks in the Azerbaijan sector of the Caspian Sea, Trend reports bp.
Agreements finalizing the deal were signed today between bp and SOCAR (State Oil Company of the Azerbaijan Republic) on the sidelines of Baku Energy Week.
The first block is the Karabagh oil field, which is located 120 km east of Baku, 20-25 km from the Gunashli field at water depths of 150-200 metres. There is an existing risk service agreement (RSA) for the development of the field signed in 2018.
The second block is the Ashrafi – Dan Ulduzu – Aypara (ADUA) area located 90-110 km northeast of Baku at water depths ranging from 80 to 180 metres, containing a number of existing discoveries and prospective structures. The production sharing agreement (PSA) in relation to the ADUA area was also entered into in 2018.
bp has acquired a 35% participating interest in each of the RSA and PSA from SOCAR, which will retain a 65% participating interest in each agreement. bp will become the operator in each of the RSA and PSA.