OREANDA-NEWS. May 25, 2016. SOCAR and BP signed a memorandum of understanding (MOU) to jointly explore potential prospects in block D230 in the North Absheron Basin in the Azerbaijan sector of the Caspian Sea. On this occasion, the companies made following announcement: As part of the governments plan to ensure that all of Azerbaijans offshore waters are fully explored this MOU gives BP the exclusive right to negotiate an agreement with SOCAR to explore and develop block D230.

The MOU was signed in Baku today by Rovnag Abdullayev, President of SOCAR, on behalf of the government of the Republic of Azerbaijan, and Gordon Birrell, BPs Regional President for Azerbaijan, Georgia and Turkey.

Mr Rovnag Abdullayev said: SOCAR and BP are linked with a long history of an effective partnership. In Azerbaijan, BP has been the main investor and operator of great projects of regional and global significance. The relationships between the two companies have continued to grow. We have achieved successful results in all projects we have cooperated in. Today we are signing a new Memorandum of Understanding which will lay the foundation of a new offshore project. This will become another opportunity underpinning our long-term relationship with BP.

Mr Birrell said: This is an important day for both Azerbaijan and BP. It continues the cooperation that will enable us to work together to ensure the long term future for Azerbaijans oil and gas production through exploring new opportunities. Based on our extensive experience in exploration around the world and our expertise based on the best technology available in the industry, we look forward to this new opportunity and are committed to contribute to maintaining oil production in Azerbaijan for many decades.

Block 230 covers areas in a water depth of up to 300 metres with the reservoir depth of 3000-5000 metres.