The State Oil Company of Azerbaijan (SOCAR) and Britain's BP company have signed an agreement to conduct geological exploration work in the shallow part of the Absheron archipelago, Khoshbakht Yusifzadeh, the First Vice-President of SOCAR told reporters on June 5.
He pointed out that before, it was difficult to carry out work in these areas, but currently, modern equipment and machinery is used for these purposes.
"We have signed an agreement with BP to carry out work in this area and this will probably allow to discover small oil fields there," SOCAR's first vice-president stressed.
Yusifzadeh went on to add that SOCAR also intends to consider the proposals from companies on prospecting and exploration of onshore oil deposits in Azerbaijan.
Currently, special attention is paid to discovering oil fields in Azerbaijan, as the probability of discovering gas fields in the country is high.
"Therefore, we return to onshore [...] We want to resume oil exploration by using modern technologies and equipment," he stressed.
The BP company is a participant of various energy projects in Azerbaijan. The company is the operator of the development of Azeri-Chirag-Guneshli oil and gas fields' block, as well as the technical operator of the Shah Deniz offshore gas condensate field development.
Moreover, the BP company participates in other offshore exploration projects in Azerbaijan.
Previously, SOCAR representatives said that currently, one of the goals of the company is to drill deep wells in order to discover reserves in the Mesozoic deposits.
Yusifzadeh earlier said that the history of exploring the Mesozoic sediments covers the period of over 60 years. Despite drilling over 150 wells at the Mesozoic deposits, this didn't make a clear view of their productivity.
"But given the gradual depletion of oil deposits in the productive reservoirs, the exploration of Paleocene and Mesozoic deposits onshore and in the Azerbaijan sector of the Caspian sea has been defined as priority," SOCAR's first vice-president said.