New deal to explore new Caspian opportunities



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Potential to support Azerbaijan’s long-term production
SOCAR and BP today signed a new production sharing agreement (PSA) for the joint exploration and development of Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea.



The PSA was signed in London, in the presence of UK Prime Minister Theresa May and Azerbaijan’s President Ilham Aliyev, by Rovnag Abdullayev, President of SOCAR, and BP group chief executive Bob Dudley.

Speaking at the signing event Mr Abdullayev said: “We have a long tradition of successful cooperation with BP. I believe that the synergies between modern upstream technology and unique historical experience, embodied in both companies, create a solid basis for our continued success. Being based on fair and equal conditions, today’s agreement will become an important milestone in the pursuit of the highest degree of efficiency in the joint development of the natural resources of Azerbaijan.”



Mr Dudley said: “This agreement underpins a new joint effort by SOCAR and BP to explore further Caspian opportunities in support of long-term production in Azerbaijan. We have now been operating in the region for more than 25 years and believe there is still significant oil and gas potential there. We look forward to continuing to build on our significant business in Azerbaijan, working closely with SOCAR and others to explore and help secure the Caspian’s future for decades to come.”

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