He said that the company has several options related to drilling on the Shafag-Asiman block, and they should be coordinated with SOCAR.
One option is to use the Heydar Aliyev drilling rig of SOCAR, however, there are other rigs that can be used, and all options are being worked out, he noted.
He added that BP expects to find major gas reserves on the block.
In turn, SOCAR First Vice President Khoshbakht Yusifzade told reporters that SOCAR also expects major gas reserves from the Shafag-Asiman block.
SOCAR and BP signed a contract on the Shafag-Asiman block of fields for a period of 30 years in October 2010. The exploration period is four years with possibility of extension for three more years. Two wells are to be drilled within the first phase. Two more wells will be drilled within the second phase, if necessary.
In the operational period the sides will implement joint operatorship within the project. Shared participation in the contract between BP and SOCAR is 50 to 50 percent.
The forecasted reserves of the Shafag-Asiman block stand at 500 billion cubic meters of gas and 65 million tons of condensate.
The block is located 125 kilometers to the south-east of Baku. Exploration work has not been conducted on the block yet. It is located at a depth of 650-800 meters with the depth of the reservoir at 7,000 meters.
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