BP to start searching for more oil in Azerbaijan

BP Azerbaijan plans to start three-dimensional seismic surveys from March 1 in potentially promising structures located in the shallow waters around the Absheron peninsula in the Caspian’s Azerbaijani sector, said the Environmental Impact Assessment (EIA) report on the company’s website.

The draft report was prepared by the AECOM company and is open for proposals and comments until the end of February 2016.

“Geological exploration in the contract area includes both two-dimensional and three-dimensional seismic surveys. The purpose of the three-dimensional surveys is to gather geophysical data, which will be used when planning the exploration and development of the contract area. 3D-seismic survey is scheduled to begin from March 1, 2016 and to complete within nine months, until Nov. 24, 2016,” the report said.

The contract area is divided into five priority areas in which research will be conducted.

The contract for the geological exploration and development of promising structures in the shallow waters of the Absheron peninsula was signed in December 2014 between the Azerbaijani State Oil Company (SOCAR) and BP, and subsequently ratified in April 2015.

The territory covered by the agreement extends along the Absheron Peninsula’s southern section and covers an area of about 1900 square kilometres. In this area, the sea depth is about 25 meters, and the depth of the bedding of the potentially productive strata is 3000-5000 meters.

Some 50 percent of the share by the agreement belongs to BP, 50 percent to State Oil Company of Azerbaijan (SOCAR). BP is the project’s technical operator. (Trend.az)