President Ilham Aliyev approves production sharing agreement on D230 block in Azerbaijani sector of Caspian Sea

Wed 14 Nov 2018 05:33 GMT | 09:33 Local Time

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President of Azerbaijan Ilham Aliyev has approved the production sharing agreement (PSA) on the D230 block in the North Absheron basin in the Azerbaijani sector of the Caspian Sea, Trend agency reports.

The PSA for the joint exploration and development of Block D230 in the North Absheron basin in the Azerbaijani sector of the Caspian Sea was signed by the Azerbaijani state oil company SOCAR and BP on April 26, 2018.

Under the PSA, which is for 25 years, BP will be the operator during the exploration phase holding a 50 percent interest, while SOCAR will hold the remaining 50 percent interest.

Block D230 in the North Absheron basin in the Azerbaijani sector of the Caspian Sea covers the structure at the sea depth up to 300 meters. Its reservoir depth is 3,000-5,000 meters.

In May 2016, SOCAR and BP signed a memorandum of understanding on the geological exploration work on potentially promising structures of the D230 block.

The signed memorandum provided BP with the exclusive right to conduct negotiations with SOCAR in connection with the conclusion of an agreement on geological exploration and development of the D230 block.

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