“Geological exploration in the contract area includes both two-dimensional and three-dimensional seismic surveys. The purpose of the three-dimensional surveys is to gather geophysical data, which will be used when planning the exploration and development of the contract area. 3D-seismic survey is scheduled to begin from March 1, 2016 and to complete within nine months - until Nov. 24, 2016,” the report said.
Contract area is divided into five priority areas in which researches will be conducted alternately.
The contract for the geological exploration and development of promising structures in the shallow waters of the Absheron peninsula was signed in December 2014 between the Azerbaijani State Oil Company (SOCAR) and BP and ratified in April 2015.
The territory covered by the agreement, extends along the Absheron Peninsula’s southern part and covers an area of about 1900 square kilometers. In this area the sea depth is about 25 meters, and the depth of the bedding of the potentially productive strata - 3000-5000 meters.
Some 50 percent of the share by the agreement belongs to BP, 50 percent to State Oil Company of Azerbaijan (SOCAR). BP is the project’s technical operator.
More about:
