Shallow water Absheron peninsula PSA ratified

On 14 April, the Mill Majlis (Parliament) of Azerbaijan ratified the shallow water Absheron peninsula (SWAP) production sharing agreement (PSA). 

BP and SOCAR  signed the PSA last December to jointly explore and develop potential prospects in the shallow water area around the Absheron Peninsula in the Azerbaijan sector of the Caspian Sea. This was achieved as part of BP’s long-term commitment to Azerbaijan and as part of its efforts to ensure that Azerbaijan’s hydrocarbon resources are fully developed to the mutual benefit of the country and BP.
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.