The contract on Shafag-Asiman was signed by Azerbaijan’s SOCAR and Britain’s BP in October 2010 for a period of 30 years. The exploration period is four years with the possibility of extension for another three years.
At the first stage it is planned to drill two wells. If necessary, at the second stage another two wells will be drilled as well.
Upon the start of the operational period, the parties will carry out joint operatorship as part of the project.
The share distribution in the contract is 50 to 50 percent.
The Shafag-Asiman block’s projected reserves stand at 500 billion cubic meters of gas and 65 million metric tons of condensate.
The block is located 125 kilometers south-east of Baku, Azerbaijan’s capital.
Explorations were earlier conducted at the block.
Shafag-Asiman is located at a sea depth of 650-800 meters with reservoir depth of 7,000 meters.
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