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SOCAR and BP sign new Azeri PSA
SOCAR and BP recently signed a new production sharing agreement (PSA) for the joint exploration and development of block D230 in the North Absheron Basin in the Azeri sector of the Caspian Sea.
Block D230 lies some 135 km north-east of Baku in the Caspian Sea. Covering an area of some 3,200 sq km and with water depths of between 400 and 600 metres, it has not previously been explored.
BP will act as operator during the exploration phase of the 25-year PSA. It will hold a 50% interest, while SOCAR will hold the remaining 50% stake.
News Item details
Journal title: Petroleum Review
Region: Caspian
Countries: Azerbaijan -
Subjects: Exploration and production
