Project Profile
Location: margins of Caspian basin, south of Absheron Peninsula
Value: undisclosed
Area: 1,900 square km
Water depth: 40 metres
BP signed a production-sharing agreement (PSA) with SOCAR in December 2014 to jointly explore and develop the Shallow Water Absheron Peninsula (SWAP) contract area. The agreement was ratified by Azerbaijan’s parliament in April 2015. BP is the operator of the block with a 50% interest, while the remaining interest is held by SOCAR.
The PSA contract area stretches along the margins of the Caspian basin to the south of the Absheron peninsula. Potential reservoirs exist at a depth of 3000-5000 metres below the seabed. BP and SOCAR completed a 2D seismic survey of the area in December 2015, followed by a more extensive 1,300-square km 3D seismic survey in 2016. In the fourth quarter of 2017, BP and SOCAR finished processing and interpreting the 3D seismic data, and the pair signed a notice of prospectivity, signifying BP’s commitment to drill exploration wells at three prospective areas. In November 2017, BP said drilling was unlikely to start before 2019.
Operators:
BP (50%)
SOCAR (50%)