BP Signs Production Agreement With Azerbaijan State Oil Company
April 26 2018 - 12:39PM
Dow Jones News
By Dimitrios Kontos
BP PLC (BP.LN) has signed a production-sharing agreement with
the State Oil Company of the Azerbaijan Republic, or SOCAR, for the
exploration and development of Block D230 in the Caspian Sea, SOCAR
said Thursday.
BP will hold a 50% stake and be the operator during the
exploration phase, while SOCAR will hold the remaining 50%.
"We have now been operating in the region for more than 25 years
and believe there is still significant oil-and-gas potential
there," said BP Chief Executive Bob Dudley.
The agreement was signed by Mr. Dudley and SOCAR President
Rovnag Abdullayev in London, in the presence of U.K. Prime Minister
Theresa May and Azerbaijan's President Ilham Aliyev, SOCAR
said.
Block D230 lies some 135 kilometers north-east of Baku in the
Caspian Sea. It covers an area of about 3,200 square kilometers and
has not previously been explored. It has depths of 400-600 meters
and anticipated reservoir depths of about 3,500 meters.
Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com
(END) Dow Jones Newswires
April 26, 2018 12:24 ET (16:24 GMT)
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