State Oil Company of the Azerbaijan Republic

The State Oil Company of the Azerbaijan Republic (SOCAR) plans to sign a PSA with BP before the end of the year to jointly explore prospects in a new block in the North Absheron Basin of the Caspian Sea, a SOCAR source said. Both parties are expected to have 50% shares in the PSA. The block, D-230, covers areas in a water depth of up to 984 ft with a reservoir depth of 9,843 ft to 16,404 ft.


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