BP plans the drilling of the first exploratory well at the Shafag-Asiman block of fields in the Azerbaijani sector of the Caspian Sea.
“In the first half of 2015 BP completed the interpretation of the seismic dataset for Shafag-Asiman.“ This work required 18 months to complete and is followed by another year required for planning of the first exploratory well," BP’s report said.
The contract on Shafag-Asiman was signed by Azerbaijan’s SOCAR and BP in October 2010 for a period of 30 years. The exploration period is four years with the possibility of extension for another 3 years. The share distribution in the contract is 50/50.
The Shafag-Asiman block’s projected reserves stand at 500 billion cubic meters of gas and 65 million metric tons of condensate, Trend reports.
