BP seals Azerbaijan oil deal for Caspian Sea

first_imgThursday 7 October 2010 4:01 am Tags: NULL BP seals Azerbaijan oil deal for Caspian Sea John Dunne BP has signed a deal with the State Oil Company of the Republic of Azerbaijan (Socar) to develop a deepwater gas field in the Caspian Sea.BP’s new chief executive Bob Dudley travelled to Baku for the signing of the new production sharing agreement (PSA) on the Shafag-Asiman structure in the Azerbaijan sector of the sea.The deal covers an area of around 1,100 square kilometers and has never been explored before, BP said in a statement.The sea in the block is about 650-800 metres deep, about half the depth BP was drilling in when its Macondo well blew out in the Gulf of Mexico, leading to the worst ever U.S. oil spill.BP and SOCAR signed a memorandum of understanding on exploration of this bloc in 2009 and agreed on main commercial details of the deal in July this year. whatsapp Share whatsapp Show Comments ▼ Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap last_img