SOCAR and bp have signed a cooperation agreement on seismic and well studies in the Caspian Basin.

Under this agreement, bp and SOCAR will conduct a pioneering seismic study that applies innovative technologies to create a regional pseudo 3D seismic volume by matching and merging existing seismic datasets of various vintages. This will be the first project of its kind undertaken in the Azerbaijan sector of the Caspian Sea.

The resulting pseudo 3D seismic volume is expected to greatly improve regional geological interpretation by reducing reliance on individual 2D seismic lines. It will enable basin scale 3D mapping, enhance the understanding of exploration potential, and help derisk future exploration plays across the Caspian basin.

As part of the collaboration, SOCAR will provide bp with 2D seismic lines, well data, and geological samples. In return, bp will procure the seismic processing and laboratory analyses of the samples. The pseudo 3D seismic data will be delivered by an experienced contractor with advanced technical capability and a proven track record in applying this technology.

About SOCAR

SOCAR is one of the leading international energy companies. In order to ensure the economic interests of the Azerbaijani people, SOCAR is a major operator and participant in a number of transnational projects across the country and abroad. The company is active in all the oil and gas industry value chains. Exploration of oil and gas fields, production, processing and transportation of oil, gas and gas condensate constitute the main part of the operations of SOCAR. SOCAR also exports natural gas, oil and petrochemical products to the country's market, as well as international markets. The company's goal is to become a vertical integrated international energy company with advanced experience in the field of effective operation, social and environmental responsibility. As an important EU energy supplier, SOCAR plays a special role in the sustainable economic development of Europe.

About bp

bp (NYSE: BP, LSE: BP.L) 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.