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Shallow water Absheron Peninsula

A new production sharing agreement (PSA) to jointly explore for and develop potential prospects in the shallow water area around the Absheron peninsula in the Azerbaijan sector of the Caspian sea

bp signed a new production sharing agreement (PSA) with SOCAR in December 2014 to jointly explore for and develop potential prospects in the shallow water area around the Absheron peninsula in the Azerbaijan sector of the Caspian sea. This PSA was ratified by the Milli Majlis (Parliament of Azerbaijan) on 14 April 2015. This enables bp to move forward with its commitments under this PSA using its experience and advanced technology solutions from other shallow water areas around the world.

 

The PSA contract area stretches along the margins of the Caspian basin to the south of the Absheron peninsula. The acreage features water depths of up to 40 metres with potential reservoir depths of 3000-5000 metres. This will enable bp to bring its experience and advanced technology solutions from other shallow water areas around the world to this area.

 

Following completion of the processing and interpretation of the 3D data acquired from the Shallow Water Absheron Peninsula (SWAP) contract area, a Notice of Prospectivity was signed with SOCAR in 2018, signifying bp’s commitment to drill exploration wells in three prospective areas in shallow water Absheron. Planning for the exploration wells drilling in the selected prospective areas is now ongoing.

 

The 3D seismic acquisition programme, which we commenced on the SWAP contract area on 31 May 2016, was safely completed on 27 December 2016 covering acquisition of 1300 square kilometres of 3D data. The acquisition programme used BP’s advanced, proprietary Independent Simultaneous Source with Nodes (ISSNTM) technology. 


The QBDX01 exploration well represented the final phase of the planned activity within the SWAP exploration drilling programme. The Satti jack-up rig has now been released from the SWAP programme.

 

In SWAP, as operator under the Exploration, Development and Production Sharing Agreement ("EDPSA") for the Shallow Water Absheron Peninsula (SWAP) area, we had a three well obligation and we completed all activities planned for this project. The final activity was the drilling of the third exploration well - QBDX01 which was safely plugged and permanently abandoned on 25 May 2022.

 

The well, which was drilled in the Qarabatdag location within the South-East Prospective Area of the SWAP contract area, did not encounter any economic hydrocarbons. The previous two wells drilled in the North Khali (abandoned in December 2021) and Bibiheybat (abandoned in mid-March 2022) areas within the SWAP contract area had similar results. Upon completion of the SWAP exploration drilling programme the Satti jack-up rig was released from the SWAP project.

 

bp is operator and holds a 25% interest in the SWAP EDPSA with partners SOCAR Oil Affiliate holding a 50% interest and LUKOIL the remaining 25%.