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bp hopes that its participation in the development of the Karabakh and Ashrafi-Dan Ulduzu-Aypara (ADUA) fields in Azerbaijan will be an opportunity to implement international standards within the framework of these two projects.
As Day.Az reports, BP Azerbaijan reported this to Trend.
On September 20, a memorandum of understanding was signed in Baku between bp and SOCAR, in which bp expressed its intention to join agreements on the development of the Karabakh oil field and the ADUA block of fields.
BP noted that, for its part, the company signed a memorandum to begin negotiations with SOCAR on its participation in the exploration and development of the Karabakh and ADUA fields.
“We see this as another great opportunity to work together with SOCAR, complementing our 30-year successful partnership. We are confident that our participation in the exploration and development of the two blocks will accelerate the progress of projects due to the synergies that will arise during our joint work. We intend to identify scenarios developments that will make the most of the world-class infrastructure we have in the region, including our offshore assets and infrastructure.
We hope that our participation will be an opportunity to bring international standards to these two projects, combining them with bp’s global experience, technical and commercial knowledge, advanced technology and financial resources. We look forward to pursuing this significant business opportunity with SOCAR’s support,” the company said.
BP considers both projects very promising.
“The memorandum was signed on the 30th anniversary of the ACG, which coincided with Azerbaijan Oil Workers’ Day. This symbolic moment highlights the significant potential of Azerbaijan’s hydrocarbon resources, which will benefit the country for many decades to come,” the company said.
It should be noted that the current agreement on risks for the development of the Karabakh field was signed in 2018 and ratified by the Parliament of Azerbaijan. Currently, SOCAR owns 100 percent of the share under this agreement.
The Ashrafi-Dan Ulduzu-Aypara field is located 90-110 kilometers northeast of Baku at a depth of 80-180 meters. This includes several existing and upcoming structures. The current exploration, development and production sharing agreement for the ADUA block was also signed in 2018 and ratified by parliament, with SOCAR currently holding a 100 percent stake under this agreement.