Baku. TurkicWorld:
A memorandum of understanding has been signed today in Baku between bp and the State Oil Company of Azerbaijan Republic (SOCAR), outlining bp's intention to join agreements for two exploration and production blocks in the Azerbaijani sector of the Caspian Sea, TurkicWorld reports via bp.
The first block is the Karabakh oil field, located 120 km east of Baku, 20-25 km from the Guneshli field, at a sea depth of 150-200 meters.
An existing risk service agreement for the development of this field was signed in 2018 and ratified by the Milli Majlis. Currently, SOCAR holds 100 percent of the shares under this agreement.
The second block is the Ashrafi-Dan Ulduzu-Aypara (ADUA) field, situated 90-110 kilometers northeast of Baku, at a depth of 80-180 meters. This area includes several existing and promising structures. An active agreement for exploration, development, and production sharing in the ADUA area was also signed in 2018 and ratified by the Milli Majlis, with SOCAR currently owning a 100 percent share in this agreement.
