BP, SOCAR sign new PSA to explore shallow waters off Azerbaijan

This new agreement is part of the government's plan to ensure that all of Azerbaijan's offshore areas are fully explored, the BP office in Baku said.

The PSA was signed by Rovnag Abdullayev, president of SOCAR, on behalf of the government of Azerbaijan, and Gordon Birrell, BP's regional president for Azerbaijan, Georgia and Turkey.

The PSA contract area stretches along margins of the Caspian basin to south of Absheron Peninsula.

Acreage features water depths of up to 40 meters with potential reservoir depths of 3000-5000 meters