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Monday, 22 December 2014 21:00

PSA to explore shallow water Absheron Peninsula signed

On December 22 SOCAR (State Oil Company of the Republic of Azerbaijan) and BP signed a new production sharing agreement (PSA) 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 new agreement is part of the government’s plan to ensure that all of Azerbaijan’s offshore areas are fully explored, Caspian Energy News (www.caspianenergy.net) reports with reference to the press service of SOCAR.  

The PSA was signed by Rovnag Abdullayev, President of SOCAR, on behalf of the government of the Republic of Azerbaijan, and Gordon Birrell, BP’s Regional President for Azerbaijan, Georgia and Turkey.

The PSA contract area stretches along the margins of the Caspian basin to the south of the AbsheronPeninsula.  The acreage features water depths of up to 40 meters with potential reservoir depths of 3000-5000 meters.  

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