|
(BP) -- On May 6, the Parliament of the
Republic of Azerbaijan ratified the new production sharing agreement (PSA)
between BP and SOCAR on joint exploration and development of the Shafag-Asiman
structure in the Azerbaijan sector of the Caspian Sea.
Rashid Javanshir, BP's Regional President, said: "We are particularly
pleased that the PSA was ratified by a unanimous vote. This is a good
demonstration of the country’s acknowledgement of BP’s track record here and
trust in our long-term commitment to Azerbaijan. We look forward to working in
partnership with the State Oil Company of Azerbaijan (SOCAR) to expand our
mutual cooperation in exploration and development".
The ratification follows the signing of the PSA in Baku in October, 2010.
Under the PSA, which is for 30 years, BP Exploration (Azerbaijan) Limited will
be the operator with 50 per cent interest while SOCAR will hold the remaining 50
per cent equity.
mrcplast.com
| 
