BP to conduct seismological survey in Absheron Peninsula

By: Aynur Jafarova

BP Company will hold 2D seismic surveys in 2015 on potentially promising structures in the shallow part of the Caspian Sea around the Absheron Peninsula.

The company is in charge of the development of the Azeri-Chirag-Gunashli offshore oil and gas fields and the Shah Deniz offshore gas and condensate field in Azerbaijan. It is also a party to a contract for exploration and development of prospective Shafag-Asiman offshore gas and condensate block.

A source in the oil and gas market told Trend Agency on December 29 that the surveys are stipulated by a production sharing agreement on joint geological explorations, which was signed last week by Azerbaijan’s state energy company SOCAR and BP.

BP is currently in talks with the Caspian Geophysical JV LLC, which renders geophysical services to hold the 2D seismic surveys.

“The parties have not yet signed a contract, but after reaching an agreement, the contractor will likely start working in July 2015,” the source added.

The source went on noting that after the conclusion of the contract, the Caspian Geophysical JV LLC will hold a 2D survey from the geophysical survey vessel Gilavar.

“The company will not carry out the data processing and interpretation,” he added.

The new PSA is a part of Azerbaijani government’s plan to ensure that all of Azerbaijan’s offshore areas are fully explored.

The PSA area stretches along the margins of the Caspian basin to the south of the Absheron Peninsula. The acreage features water depths of up to 40 meters with potential reservoir depths of 3,000-5,000 meters.