BP to start Absheron Peninsula shallow water survey in first quarter 2016

A production-sharing agreement between BP and Azeri state energy firm SOCAR to jointly explore for and develop potential prospects in the shallow water area around the Absheron Peninsula in the Azeri sector of the Caspian Sea was signed on Dec. 22, 2014.

"We believe that there are great opportunities for the long-term cooperation within the project. We are already conducting the preparatory work," BP's Gordon Birrell told reporters.

"The initial seismic survey will begin in the contract area in February-March 2016."

The area features water of depths of up to 40 metres with potential reservoir depths of 3,000-5,000 metres.

Birrell said the company planned to complete analyses of the seismic survey results by the end of 2016.