BP and the State Oil Co. of the Republic of Azerbaijan (SOCAR) have signed a memorandum of understanding (MOU) to jointly explore and develop the Shafag and Asiman structures in the Azerbaijan sector of the Caspian Sea.
Offshore staff
LONDON -- BP and the State Oil Co. of the Republic of Azerbaijan (SOCAR) have signed a memorandum of understanding (MOU) to jointly explore and develop the Shafag and Asiman structures in the Azerbaijan sector of the Caspian Sea.
The MOU gives BP the exclusive right to negotiate a production sharing agreement to explore and develop the block, which lies 125 km (78 mi) to the southeast of Baku.
The block covers an area of 1,100 sq km (425 sq mi) and is unexplored. It is located in a deepwater section of about 650 to 800 m (2,133 to 2,625 ft) with a reservoir depth of about 7,000 m (22,966 ft).
