BP and SOCAR (the State Oil Company of the Republic of Azerbaijan) has signed a new production sharing agreement (PSA) to jointly explore for and develop potential prospects in the shallow water area around the Absheron Peninsula in the Azerbaijan sector of the Caspian Sea.

This new agreement is part of the government’s plan to ensure that all of Azerbaijan’s offshore areas are fully explored.

The PSA was signed 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.

Tags: BP PLC, SOCAR