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The production sharing agreement (PSA) for the joint exploration and development of Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea, signed by Azerbaijan's state oil company SOCAR and BP on April 26, is significant from the point of view of expanding cooperation, Prime Minister of the United Kingdom of Great Britain and Northern Ireland Theresa May said.

May made the remarks at a meeting with Azerbaijani President Ilham Aliyev in London April 26.

May congratulated President Aliyev on his victory in the presidential election. She expressed gratification with the meeting with President Aliyev and stressed that this visit of the Azerbaijani president will create a good opportunity for discussing the issues in the field of economy, trade, energy and security.

May expressed gratitude for the participation and support rendered by Azerbaijan for peacekeeping operations in Afghanistan.

Under the PSA, which is for 25 years, BP will be the operator during the exploration phase holding a 50 percent interest, while SOCAR will hold the remaining 50 percent interest.

Block D230 in the North Absheron basin in the Azerbaijani sector of the Caspian Sea covers the structure at the sea depth up to 300 meters. Its reservoir depth is 3,000-5,000 meters.

In May 2016, SOCAR and BP signed a memorandum of understanding on the geological exploration work on potentially promising structures of the D230 block.

The signed memorandum provided BP with the exclusive right to conduct negotiations with SOCAR in connection with the conclusion of an agreement on geological exploration and development of the D230 block.

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