President of Azerbaijan Ilham Aliyev approved an agreement on exploration, development and production sharing (PSA) from the prospective D230 block in the North Absheron in the Azerbaijani sector of the Caspian Sea.
The text of the law was published on Tuesday on the website of the head of state.
On April 26, 2018, SOCAR (State Oil Company of Azerbaijan) and BP signed a PSA type contract for joint exploration of the prospective D230 block in the Northern Absheron in the Azerbaijani sector of the Caspian Sea.
The Parliament of Azerbaijan ratified the agreement on October 12 of the current year.
The participation of the parties in the agreement is parity: SOCAR (50%) and BP (50%). BP will act as an operator when implementing the initial project work program.
The contract area is 3,197 square km. There has not yet been exploration there.