England becoming more active in Caspian oil

According to the exclusive report of Energy Press; On September 20, British BP and SOCAR (State Oil Company of the Republic of Azerbaijan) signed a memorandum of understanding in Baku, according to which BP joins the agreements of the two exploration and development blocks in the Azerbaijani part of the Caspian Sea. The first block is the Karabagh oil field, which is located 120 km east of Baku, 20 to 25 km from Gonsheli field and at a depth of 150 to 200 meters. The second block is the Ashrafi-Don Ulduzo-Aipara (ADUA) area, located 90-110 km northeast of Baku in water depths ranging from 80 to 180 meters, containing a number of existing discoveries and future structures. The existing Agreement on Exploration, Development and Production Sharing (PSA) in relation to the ADUA area was concluded in 2018 and approved by the National Assembly. Currently, SOCAR has 100% shares in PSA.
SOCAR President Roshan Najaf said: We are pleased to further expand our strategic partnership with BP through this memorandum, especially on the 30th anniversary of the signing of the century contract. This historic agreement, sponsored by Heydar Aliyev, laid the foundation for Azerbaijan’s energy success. Today, as we take new steps in the Caspian Sea, we honor this legacy by continuing to foster innovation, cooperation and sustainable energy development for the future. »
Gary Jones, bp’s regional head for Azerbaijan, Georgia and Turkey, also said: “We are pleased to sign a memorandum of understanding that allows us to start negotiations with SOCAR to participate in the exploration and development of the Karabakh field and ADUA.” We see this as another great opportunity to work together with SOCAR, adding to a successful 30-year partnership.
Benefits of the new contract
The long-term partnership between SOCAR and BP, re-invigorated by the signing of a new memorandum of understanding, represents continued cooperation based on shared interests in hydrocarbon resources. Both companies, representing major oil and gas companies of Azerbaijan and the UK, continue to deepen their cooperation amid the changing global energy landscape.
The signing of this memorandum coincides with the 30th anniversary of the famous “Contract of the Century”, emphasizing the strategic importance of Caspian oil and gas fields for the international market. The purpose of this agreement is to expand the scope of cooperation, opening opportunities for new projects in the field of hydrocarbon exploration, despite the increasing emphasis on green energy in the global agenda. In this context, although hydrocarbons remain an important part of global energy, the shift towards renewable energy sources requires companies such as SOCAR and BP to adapt to new realities.
This synergy between the companies reflects their mutual ambition to use their expertise to strengthen their position in the global market. BP will continue to develop Caspian projects with its extensive technical and commercial know-how, while ensuring access to promising resources for SOCAR and playing a key role in the sustainable energy supply of Europe and other regions. The signing of the new agreement for the development of the Karabakh field and the Ashrafi-Don Ulduzo-Aipara block (ADUA) in the Azerbaijani part of the Caspian Sea shows the readiness of the parties to continue active cooperation.