Today.Az » Business » BP to start 3D seismic survey in Caspian Sea in November
22 October 2019 [13:58] - Today.Az
By Leman Mammadova
BP will launch three-dimensional (3D) seismic exploration on the D230 block in the North Absheron part of the Azerbaijani sector of the Caspian Sea to collect geophysical data on perspective structures and evaluate perspective hydrocarbon structures within the basin.
BP plans to begin 3D seismic survey on the D230 block in November, Bakhtiyar Aslanbayli, BP Azerbaijan Vice President, told AZERTAC.
“The research will be conducted by Gilavar seismic vessel. Depending on the results, planning for the first exploration well will begin in 2020,” said Aslanbayli.
Block D230 is located approximately 80km from the Azerbaijani coastline in water depths ranging between 100 and 800m and covers an area of about 3.222 km²
As of April 2018, SOCAR and BP signed a production sharing agreement (PSA) to conduct joint exploration work on potential prospective structures of the D230 block in the North Absheron basin in the Azerbaijani sector of the Caspian Sea. 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.
In May 2016, BP and SOCAR 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.
Aslanbayli further noted that BP has retained drilling operations in the shallow waters around the Absheron Peninsula (SWAP) by 2020. In his words, BP plans to start drilling in the first half of 2020.
As of December 2014, BP and SOCAR signed a production sharing agreement for joint exploration and development of potentially promising structures in SWAP. Under the agreement, BP Exploration (Caspian Sea) Ltd, which is an operator, holds a 50 percent stake in the contract and SOCAR holds the remaining 50 percent.
BP is one of the world's most renowned oil and gas suppliers and its operations cover the safe development and production of key energy sources, and has been managing large projects for exploration, development and transportation of oil and gas fields in Azerbaijan since 1992.
The company is operator of ACG, Shah Deniz, Shallow Water Absheron Peninsula, Shafag-Asiman and Gobustan fields.