Azerbaijan has accepted its obligations in the framework of a contract for the exploration, development and production of the maritime blocs of Shafag and Asiman in the Azerbaijani sector of the Caspian Sea signed earlier between BP and SOCAR, Trend reports.
The agreement was signed last October.
The contract is for 30 years. The exploration period is defined for four years and is renewable for another three years. Both companies have equal shares of 50 percent.
The gas reserves of the fields are estimated at 300-500 billion cubic meters of gas.
New oil, gas contract defines duties of Azerbaijan
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