December 22, 2014 / 4:36 PM / 4 years ago

BRIEF-BP and SOCAR sign agreement to explore shallow water Absheron Peninsula

Dec 22 (Reuters) - BP Plc

* BP and the State Oil Company of the Republic of Azerbaijan (SOCAR) sign an agreement to explore shallow water Absheron Peninsula

* BP and SOCAR today signed a new production sharing agreement to jointly explore for and develop potential prospects in shallow water area around Absheron Peninsula in Azerbaijan sector of Caspian Sea

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

* PSA was signed by Rovnag Abdullayev, president of SOCAR, on behalf of government of Republic of Azerbaijan, and Gordon Birrell, BP’s regional president for Azerbaijan, Georgia and Turkey

* PSA contract area stretches along margins of Caspian basin to south of Absheron Peninsula

* Acreage features water depths of up to 40 meters with potential reservoir depths of 3000-5000 meters Source text for Eikon: ( Further company coverage:

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