SOCAR and BP sign agreement on joint exploration of prospective D230 block in Azerbaijani sector of Caspian

12:39 - 27.04.2018

April 27, Fineko/abc.az. The State Oil Company of Azerbaijan (SOCAR) and BP have signed an agreement on joint development and production of the promising block D230 on the Northern Absheron in the Azerbaijani sector of the Caspian Sea.

BP-Azerbaijan reports that the agreement was signed in London by SOCAR president Rovnag Abdullayev and BP’s CEO Robert Dudley. The signing ceremony was held with participation of Azerbaijani President Ilham Aliyev and UK Prime Minister Theresa May.

In accord with the agreement, signed for 25 years, equity participation between the parties is distributed on the parity basis. BP will act as the project operator.

 

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