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 government’s plan to ensure that all of Azerbaijan’s 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, BP’s 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 Azerbaijan’s 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.

About Socar

SOCAR is an integrated state oil & gas company of Republic of Azerbaijan and is involved in upstream, midstream and downstream operations encompassing exploration of oil and gas fields, production, processing and transporting oil, gas and condensate, marketing of petroleum and petrochemical products in domestic and international markets and supplying natural gas to domestic and industrial customers in Azerbaijan. SOCAR has its trading companies in Switzerland, Singapore and UAE and representative offices in a number of other countries.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.