To define the exact volume of hydrocarbon reserves, the parties of the project are going to work out a technical plan for drilling of an additional lateral well in the direction of the structure’s arch.
Exploration work on the Shafag-Asiman block is a joint project of SOCAR and bp.
According to the PSA, bp is the operator of exploration drilling.
Azerbaijan´s President Ilham Aliyev commented:
- The history of cooperation between bp and SOCAR comprises a period of about 30 years
- During this period, many projects of global importance have been carried out
- These include such joint projects as the development of ACG block, BTC pipeline, the Shah Deniz, the SGC and its elements - the SCP, TANAP and TAP pipelines
- Currently, the cooperation between SOCAR and bp has strategic importance
- bp is the biggest foreign investor in Azerbaijan's oil & gas industry
The Shafag-Asiman block lies 125 km to the south-east of Baku and covers an area of 1100 square km.
It was discovered in 1961 during a seismic exploration.