OREANDA-NEWS. April 27, 2010. State Oil Company of Azerbaijan (SOCAR) keeps on approaching to the PSA contract on exploration, development and sharing production of deep-laying reserves of natural gas at offshore oilfield block Azeri-Chirag-Gunashli in Azerbaijani sector of the Caspian Sea.

Earlier SOCAR’s 1st vice president Khoshbakht Yusifzadeh informs that negotiations on the matter are being conducted only with BP (ACG project operator).

“If talks are finished successfully we will sign a new agreement with BP on development of gas resources of the block,” he said.

SOCAR has been discussing commercial proposals for development of deep-laying gas reserves since 2009. These gas reserves are estimated in 400-500 bn cu m.