BP says satisfied with preparations for SOCAR contract

  15 December 2016    Read: 1107
BP says satisfied with preparations for SOCAR contract
BP is satisfied with the preparations for signing of a contract with the Azerbaijani state oil company SOCAR to explore prospective sites of the block D230 in the North Absheron Basin in the Azerbaijan sector of the Caspian Sea, said Gordon Birrell, BP regional president for Azerbaijan, Georgia and Turkey, Dec. 15.
Once the contract is signed, SOCAR and BP will start preparing a work program, according to Birrell.

However, no exact date for signing of the contract has been defined yet, he added.

Talks are being held concerning the technical operator of the project, but BP will surely be the operator of the initial work program, Birrell explained.

Azerbaijan`s state oil company SOCAR and BP signed a memorandum of understanding in May 2016 to jointly explore the prospects of the block D230 in the North Absheron Basin.

The MOU gives BP an exclusive right to hold talks with SOCAR for conclusion of an agreement on exploration and development of the block D230.

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