He said that one of these wells is located in the Garabaddag area, where the sea depth is only 2-5 meters, which creates difficulties for drilling.
“Therefore, an area of approximately 160X48 meters will be dried for drilling,” he said.
The production sharing agreement (PSA) between Azerbaijan’s state oil company SOCAR and BP for geological exploration and development of promising structures in shallow waters around Azerbaijan’s Absheron Peninsula was signed December 22, 2014.
The work under the agreement is divided into three phases: primary exploration, main exploration and field development. The agreement envisages that the development phase will last 23 years, but this period may be extended. BP should begin commercial production within 36 months from the start of the development phase.