Azerbaijani Socar and British Oil Giant Sign Agreement

Today in Baku, British Petroleum (BP) and the State Oil Company of Azerbaijan (SOCAR) signed a memorandum of understanding, reflecting BP's intention to participate in agreements regarding two production and exploration blocks in the Azerbaijani sector of the Caspian Sea, Trend reports, citing BP.

The first block is the Karabakh oil field, located 120 km east of Baku, 20-25 km from the Gunashli deposit, at a depth of 150-200 meters in the sea. There is currently a 'Risk Services' agreement for field development, which was signed in 2018 and ratified by the Milli Majlis. SOCAR currently holds 100% of the shares in this agreement.

The second block is the Ashrafi-Dan Ulduzu-Aypara (HJA) field, located 90-110 km northeast of Baku, at a depth of 80-180 meters. This area includes a number of existing and prospective structures. There is an active agreement (HPBS), which was signed in 2018 and ratified by the Milli Majlis regarding exploration, development, and production distribution in the HJA territory. SOCAR currently has 100% participation in this agreement.