2010-10-13-2010-10-07

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

Entered a 30-year agreement to jointly explore and develop unexplored Shafag-Asiman structure in Azerbaijan sector of Caspian Sea.

BP Exploration (Azerbaijan) Ltd., a subsidiary of BP Plc, London, (NYSE: BP) and the State Oil Company of the Republic of Azerbaijan, or SOCAR, have signed a 30-year agreement to jointly explore and develop the unexplored Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea.

BP Exploration (Azerbaijan) will operate the joint venture with a 50% interest; SOCAR will hold the remaining 50% equity. The block covers an area of some 425 square miles and is in a deep-water section of approximately 2,133- to 2,625 feet, with reservoir depth of about 22,966 feet.

BP chief executive Robert Dudley says, "This is an important day for Azerbaijan and BP as it marks the beginning of our bilateral cooperation in exploration and development of a new offshore block. With SOCAR and our partners, BP has helped to establish Azerbaijan as a world-scale oil and gas producer, and I believe the significant remaining potential will continue to make it relevant for decades to come."