The ratification by Parliament is a significant milestone that enables BP to move forward with its commitments under this PSA. 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.
SWAP is a new chapter in BP’s journey in the Caspian. Over the past 20+ years, BP has successfully delivered streams of businesses through exploration, development and production with ACG, Shah Deniz and Shafag-Asiman. This PSA is a demonstration of trust by Azerbaijan in BP’s long-standing partnership and the continuation of its long-term commitment to this country.