OREANDA-NEWS. December 06, 2010. The Geophysics and Geology Department of SOCAR and “bp-Exploration” (Azerbaijan) signed a Memorandum of Understanding on providing technical services. The MoU was signed by Mr. Vagif Abdullayev, chief of the Geophysics and Geology Department and Mr. Greg Riley, Vice-president on exploration of the “BP -Exploration”.

The MoU outlines the intensions of signing a contract between the sides on future exploration, processing of seismic data, drawing up geological and geophysical maps and providing of technical services. Speaking at the signing ceremony, SOCAR First Vice-President Mr. Khoshbakht Yusifzade stated that since starting its operations in Azerbaijan, BP had been a major participant in many projects. At the request of BP, geologists have conducted geological and geophysical explorations in a number of fields and structures in Azerbaijani section of the Caspian Sea.

Mr. Yusifzade expressed his confidence in positive results of further cooperation with BP. Mr. Riley congratulated Mr. Yusifzade and SOCAR staff on recent discovery of the “Umid” gas field in the Caspian Sea. Afterwards, the attendees watched presentation of four projects prepared at the request of BP.

The projects were prepared by the personnel of SOCAR Geophysics and Geology Department, “Oil and Gas Scientific Research Projects” Institute, and Geology Institute of Azerbaijan National Academy of Sciences. The above mentioned projects cover comprehensive analysis of the wells’ data, “Shahdeniz” gas condensate field, and other fields in the South Caspian trench.