Azernews.Az

Azerbaijani state energy company SOCAR and oil giant BP have signed a framework agreement on technical services, SOCAR said on Saturday.

SOCAR Vice-President Khoshbakht Yusifzade said at the signing ceremony that signing of the new agreement increases SOCAR's opportunities in providing technical services in exploration and appraisal projects in which BP acts as operator.

The agreement was signed by SOCAR Geophysics and Geology Department head Vagif Abdullayev and BP official Paul Evans.

BP is the operator of development of the major Azeri-Chirag-Gunashli (ACG) block of fields in the Caspian Sea and Shah Deniz offshore gas-condensate field.

SOCAR and BP also signed a contract on the prospective structure Shafag-Asiman for a period of 30 years. The exploration period is four years with possible extension for another three years. During the first stage it is planned to drill two wells. At the second stage, two more wells will be drilled, if necessary. During the operational period, the parties will have joint operatorship in the project, holding 50 percent each in the contract.