BP and SOCAR signed a new production sharing agreement (PSA) on 26 April 2018 for the joint exploration and development of Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea.
Block D230 lies some 135 kilometres (84 miles) north-east of Baku in the Caspian Sea. It covers an area of some 3,200 square kilometres and has not previously been explored. It has water depths of 400-600 metres and anticipated reservoir depths of about 3,500 metres.Under the PSA, which is for 25 years, BP will be the operator during the exploration phase holding a 50 per cent interest while SOCAR will hold the remaining 50 per cent interest.
The 3D seismic acquisition programme on Block D230, which commenced in December 2019, was safely completed on 14 March 2020. The processing of the acquired data was completed. The interpretation of the seismic data is currently ongoing. If the results from the interpretation of the seismic survey are positive, bp may start planning for an exploration well.