It is located in water depths of 650-800 m.
The Shafag-Asiman structure was discovered in 1961 during a seismic exploration.
Azerbaijan´s SOCAR and bp have equal shares in the project.
In 2010, SOCAR and BP signed a production sharing agreement (PSA) on joint exploration and development of the block for a period of 30 years.
In 2012, 3D seismic exploration was conducted at Shafag-Asiman.
Interpretation of the seismic data was completed in 2015.
Following this, the companies identified the location of the 1st exploration well and spudded it in 2020.
In March 2021, bp and Azerbaijan's Socar made a gas condensate discovery after 14 months of drilling to a depth of nearly 7,200 m.
The well was drilled by BP at a depth of 623 m, using the Heydar Aliyev semi-submersible rig operated by the Caspian Drilling Company (CDC).
No figures were given on the size of the discovery, however, the find was hailed by the Azeri president Ilham Aliyev, as a potential boost for Southern Gas Corridor supplies to European markets.