BP, Socar sign new E&P accord

摘要

BP and Azerbaijan's state-run Socar have expanded their long-standing cooperation with the signing July 13 of a memorandum of understanding to jointly explore and develop the Shafag and Asiman structures in the Azerbaijan sector of the Caspian Sea. BP said in a statement the agreement gives it the exclusive right to negotiate a production sharing agreement to explore and develop the blocks, which lie some 125 km (78 miles) to the southeast of Baku. No details on the prospectivity of Shafag and Asiman were given.