BP says happy with preparations for SOCAR contract

Once the contract is signed, SOCAR and BP will start preparing a work program, according to Birrell.

However, no exact date for signing of the contract has been defined yet, he added.

Talks are being held concerning the technical operator of the project, but BP will surely be the operator of the initial work program, Birrell explained.

Azerbaijan's state oil company SOCAR and BP signed a memorandum of understanding in May 2016 to jointly explore the prospects of the block D230 in the North Absheron Basin.

The MOU gives BP an exclusive right to hold talks with SOCAR for conclusion of an agreement on exploration and development of the block D230.