Bp Socar Agreement

In accordance with an agreement initially signed in 2013, SOCAR Midstream Operations is declared a technical operator of all dedicated SCP facilities in Azerbaijan and Georgia, BP, SOCAR and SCP in a joint statement. Depending on what is discovered, this will be used to decide on any trade agreement between the partners, a process that should be concluded within one year, the official said. SOCAR and BP today signed a new Agreement on the Joint Distribution of Production (EPI) for the joint exploration and development of the D230 block in the northern Absheron basin in the Azerbaijani sector of the Caspian Sea. Psa was signed in London in the presence of British Prime Minister Theresa May and Azerbaijani President Ilham Aliyev, SOCAR President Rovnag Abdullayev and BP Chairman Bob Dudley. BP and SOCAR Turkey announced today that they have signed an agreement (HoA) to evaluate the creation of a joint venture that would build and operate a global petrochemical complex in Turkey. At the signing ceremony, Abdullayev said: “We have a long tradition of fruitful collaboration with BP. I believe that the synergies between modern upstream technology and the unique historical experience, which are embodied in both companies, create a solid foundation for our continued success. As today`s agreement is based on fair and fair conditions, it becomes an important milestone in the search for the greatest efficiency in the common development of Azerbaijan`s natural resources. The Azer News agency reported on Friday that the agreement had launched a “geological exploration” of the Samsko-Kosbulak and Baiterek investment blocks in the Ustyurt region and the Uzbek part of the Aral Sea, which was to be carried out in stages. Driven by the extraordinary success of ACG`s development, the Azerbaijani government and the ACG partnership extended the ACG treaty until the middle of the century by signing the revised and revised agreement on 14 September 2017. The new treaty was signed in Baku in the presence of President Ilham Aliyev. SOCAR Public Relations and Events Department, Baku: `994 12 5210369, press@socar.az The agreement follows an agreement signed by the three companies in May 2018, which included cooperation for research into oil and gas opportunities in Uzbekistan, BP said.

Following PSA`s ratification, the Azerbaijan International Operating Company (AIOC) was created to implement the agreement on behalf of foreign shareholders working in partnership with SOCAR and the Government of Azerbaijan. AIOC originally consisted of 11 major foreign oil companies (BP, Amoco, Unocal, LUKoil, Statoil, Exxon, TPAO, Pennzoil, McDermott; Ramco; Delta Nimir) from six countries: United Kingdom, United States, Russia, Norway, Turkey and Saudi Arabia. SOCAR (the state oil company of the Republic of Azerbaijan) and AIOC (Azeri International Operating Company) today signed a Memorandum of Understanding for the future development of the Azeri-Chirag-Gunashli (ACG) field in the Azerbaijani sector of the Caspian Sea. The agreement will cover the development of this area until 2050 and will add a considerable potential for resource development in the middle of the century. Today, aCG produces about 620,000 barrels of oil equivalent. AIOC shareholders are BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO, ITOCHU and ONGC Videsh.