BP and SOCAR may ink this year a deal on ‘D230’ block

BP and SOCAR may ink this year a deal on ‘D230’ block

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Agreement on “D230” perspective block in the North Absheron basin of Azerbaijani sector in the Caspian Sea is expected to be signed by late 2017.

Report informs, BP Regional President for Azerbaijan, Georgia and Turkey, Gary Jones told reporters.

He noted that relevant discussions were held yesterday with Rovnag Abdullayev, President of SOCAR (the State Oil Company of Azerbaijan Republic).

Notably, Memorandum of Understanding (MoU) was signed on May 24, 2016, between BP and SOCAR for joint geological exploration works in potential perspective structure of “D320” block in the North Absheron basin of Azerbaijani sector in the Caspian Sea.

The block “D230” covers territories with 300m depth of water and 3000-5000m depth of collector.

BP and SOCAR will each have 50% share in the project.

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