BP ready to launch drilling operations of the first well in shallow waters of Absheron Peninsula

07/05/2018 16:24 Oil Market


Vice-President for External Affairs of BP Company in Azerbaijan, Georgia and Turkey Bakhtiyar Aslanbeyli declared that BP Company intends to launch the drilling of the first well in promising structures in the shallow waters of Absheron Peninsula (SWAP) at the beginning of 2019.

He added that the firm is preparing to begin drilling operations on contract areas.

Aslanbeyli said: "The locations for the drilling of three wells have been chosen. They are in different zones in the contract area. This structure has good prospective reserves. Drilling is likely to start in early 2019."

The contract for exploration and development of potential structures in the shallow waters of the Absheron Peninsula was inked in December 2014, having Azerbaijan state company SOCAR and BP Company as counter-parts. The document was ratified in April 2015.

The accord stipulates that the territory extends along the southern part of Absheron Peninsula and covers an area of around 1,900 square kilometers. On this territory, the depth of the sea is almost 25 meters, and the depth of the potentially productive area - 3000-5000 meters.

BP holds the 50 percent share in the deal, and the other half is owned by SOCAR. BP Company is the technical operator of the project.

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