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In 2016 BP to start seismic survey on the shallow section of Caspian Sea

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BP-CONTR

In quarter 1, 2016 BP-Azerbaijan company plans to start seismic survey on the shallow section of the Absheron archipelago, BP-Azerbaijan President Gordon Birrell told journalists.

            “We are very pleased with signing of the contract for this project with SOCAR and we believe that there are possibilities of a long-term cooperation within this project. We have already started preparatory works. The first seismic survey on the contract area will start in February-March 2016,” Birrell said.

            He said the company plans to complete interpretation of the data obtained from the seismic survey till the end of 2016.

            “This will allow us determining our future steps,” he added.

            The production sharing agreement (PSA) between SOCAR and BP for development and geological exploration works on the shallow section of the Absheron archipelago was signed on December 22, 2014.

            The contract area totals about 1,900 sq.km., 50% share in the PSA is owned by BP and another 50% by SOCAR.

            The works in the PSA are divided into three stages: primary exploration, main exploration and field development.

            At the first stage, which will last about 30 months, BP must conduct 3D seismic survey on 1,000 sq.km. area, 2-D seismic survey on the 1,000 km and evaluate impact of the operations on the environment on the contract area.

            If during this period BP discovers perspective structures, the company has the right to choose up to four perspective structures and start the next stage – the main exploration. According to the contract, implementation of the second stage could take up to three years.

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