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BP to Search for More Oil in Caspian Sea in early 2016

According to BP’s Regional Director for Azerbaijan, Georgia and Turkey, Gordon Birrell BP plans to begin seismic surveys at the potentially promising structures located in the shallow waters around the Absheron peninsula in the Azerbaijani sector of the Caspian Sea in February-March 2016.

“We believe that there are great opportunities for the 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.”

He said that the company intends to complete interpreting and processing of data obtained as a result of the seismic exploration by late 2016.

The territory, covered by the production sharing agreement between SOCAR and BP to carry out development and exploration work in shallow waters of the Absheron peninsula, stretches along the southern part of Absheron and covers an area of around 1,900 square kilometers.

The sea depth on this area is up to 40 meters, while the depth of the potentially productive strata is 3,000-5,000 meters.

The share of BP and SOCAR in the agreement is 50 percent, each.