Trend: BP, SOCAR ink agreement to explore shallow water around Absheron Peninsula
BP and SOCAR (the State Oil Company of Azerbaijan) signed Dec. 22 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 Azerbaijani sector of the Caspian Sea, BP said in a message.
This new agreement is part of the government’s plan to ensure that all of Azerbaijan’s offshore areas are fully explored.
The PSA was signed by Rovnag Abdullayev, President of SOCAR, on behalf of the government of Azerbaijan, and Gordon Birrell, BP’s Regional President for Azerbaijan, Georgia and Turkey.