The work is underway to design an exploration well at the Shafag-Asiman block of fields, BP Azerbaijan told Trend.
The work is based on 3D seismic survey, the company said.
"It will be possible to talk about further plans after drilling the first well, in case if successful results are achieved, that is, if the field is explored," the company noted. "As for the Southern Gas Corridor (SGC) project, it has an infrastructure of regional and even global importance. SGC will be able to transport all the gas volumes from Azerbaijani fields."
SOCAR and BP signed a contract on the Shafag-Asiman block of fields for a period of 30 years in October 2010. The exploration period is four years with possibility of extension for three more years. Two wells are to be drilled within the first phase. Two more wells will be drilled within the second phase, if necessary.
Shared participation in the contract between BP and SOCAR is 50 to 50 percent.
The forecast reserves of the Shafag-Asiman block stand at 500 billion cubic meters of gas and 65 million tons of condensate.
A ceremony to launch the first stage of the Southern Gas Corridor project was held in Baku on May 29.
The gas from the Azerbaijani Shah Deniz field has already gone through the first segment of the Southern Gas Corridor - from the Sangachal terminal to the expanded South Caucasus Pipeline.
The Southern Gas Corridor, which costs more than $40 billion, is one of the priority projects for the EU and provides for the transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian region through Georgia and Turkey to Europe.
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