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. Under the PSA BP is the operator with 50 per cent interest while SOCAR holds the remaining 50 per cent equity. 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. The 2D seismic survey in the Shallow Water Absheron Peninsula (SWAP) contract area was safely completed in December 2015.
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.
In the fourth quarter of 2017 the processing and interpretation of the 3D data acquired in 2016 from the Shallow Water Absheron Peninsula (SWAP) contract area was finalized. A Notice of Prospectivity was signed with SOCAR, signifying BP’s commitment to drill exploration wells in three prospective areas in shallow water Absheron.