BP and SOCAR to look for more oil off Absheron peninsula

BP is planning to begin seismic surveys the shallow waters around the Absheron peninsula in the Azerbaijani sector of the Caspian Sea in the first quarter of next year, its Regional Director Gordon Birrell told reporters today.
“We are very pleased that we have signed an agreement on this project with SOCAR,” he said. “We believe that there are great opportunities for long-term cooperation within the project. We are already conducting the preparatory work. The initial seismic survey will begin in the contract area in February-March 2016.”
The project comes under a 50-50 production sharing agreement between SOCAR and BP and will concentrate on a 1,900 km² area along the southern section of the Absheron peninsula at depths of up to 40 meters, while the depth of the potentially productive strata is between 3,000 and 5,000 meters.

Source: TREND