BP may start planning new exploration well in the Caspian Sea next year

BP may start planning new exploration well in the Caspian Sea next year
  • Clock-gray 16:59
  • calendar-gray 01 August 2019

British Petroleum (BP) Company may start planning the first exploration well for D230 block, situating in the Azerbaijan sector of the Caspian Sea in 2020, BP told APA-Economics.

It is planned to carry out three-sized seismic researches on D230 block in the fourth quarter of 2019.

“Depending on obtained results, planning of the first exploration well will be started in 2020”, the Company stated.

D230 structure embraces a large area and location of exploration well, which will be drilled in the future, is a very important issue. Potential oil reserves are considered in this territory, that is why the structure is very interesting.

Note that Production Sharing Agreement (PSA) on the conduction of joint exploration works in potential prospective structures within D230 block in North Absheron basin, situating in the Azerbaijan sector of the Caspian Sea, was signed between BP and SOCAR on April 2018.  

The agreement was ratified by the Parliament of Azerbaijan Republic on October 2018.

APA-Economics

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