BP, SOCAR sign 50-50 offshore PSA

BP PLC and State Oil Co. of Azarbaijan Republic (SOCAR) will share equal interests in a production-sharing agreement they have signed covering the Shafag-Asiman structure off Azerbaijan.

Oct. 8, 2010

By OGJ editors
HOUSTON, Oct. 8 -- BP PLC and State Oil Co. of Azarbaijan Republic (SOCAR) will share equal interests in a production-sharing agreement they have signed covering the Shafag-Asiman structure off Azerbaijan.

BP Exploration (Azerbaijan) Ltd. will be operator of the 30-year agreement.

The unexplored license area covers 1,100 sq km in 650-800 m of water 78 miles southeast of Baku.

The companies announced preliminary agreements leading to the PSA last year (OGJ Online, July 16, 2009).