Azerbaijan's parliament on Tuesday ratified a production-sharing agreement (PSA) signed in December between the State Oil Company of Azerbaijani (SOCAR) and BP on shallow waters off the Absheron peninsula.
SOCAR and BP hold 50 percent of the project each. The contract covers 1,900 square km of area, said Valeh Alasgarov, deputy speaker of parliament.
BP is to carry out 3D exploration into 1,000 km2 of area and 2D seismic and environmental impact appraisal of the entire project area.
The agreement is for 23 years with the possibility of extension.
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