BP and the State Oil Company of the Azerbaijan Republic (SOCAR) have signed a 25-year production-sharing agreement (PSA) to jointly explore and develop Block D230 in the Caspian Sea offshore Azerbaijan. BP will be the exploration-phase operator and the parties will each hold a 50% interest in the PSA. The pact’s signing follows a memorandum of understanding for the block’s exploration, which BP and SOCAR reached in May 2016. Block D230, which has never been explored, lies 84 miles northeast of Baku and covers 1,236 square miles.
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