BP/STATOIL IN CASPIAN VENTURE

BP Exploration and Norway's state owned Den norkse stats oljeselskap AS (Statoil) have signed a protocol with the Soviet Union that could lead to an exploration and development joint venture in the Caspian Sea. They signed the protocol with Caspmorneftgas, the Caspian Sea operating arm of the Soviet Ministry of Oil and Gas. BP said the protocol commits the two companies to study feasibility of deepwater drilling and possible development of Azeri field, formerly 26 Baku Commissar's field.

Oct. 29, 1990

They signed the protocol with Caspmorneftgas, the Caspian Sea operating arm of the Soviet Ministry of Oil and Gas.

BP said the protocol commits the two companies to study feasibility of deepwater drilling and possible development of Azeri field, formerly 26 Baku Commissar's field.

If approved and market conditions are right, a joint venture could undertake drilling in the underexplored areas of the Caspian region beyond Caspmorneftgas' onshore and shallow water fields that now produce about 200,000 b/d.

Azeri, about 93 miles southeast of Baku, was discovered in 980 ft of water in 1987.