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.
Don't miss out on the latest technology delivered to your email weekly. Sign up for the JPT newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.