Shallow Water Absheron Peninsula | |
---|---|
Country | Azerbaijan |
Region | Caspian Basin |
Offshore/onshore | offshore |
Operator | BP |
Partners | BP (25%), Lukoil (25%), SOCAR (50%) |
Shallow Water Absheron Peninsula (SWAP) is a prospective exploration area around the Absheron Peninsula in Azerbaijan. On 22 December 2014, SOCAR and BP signed a production sharing agreement on the joint exploration and development of potential prospects in the shallow water area around the Absheron peninsula.[1] The contract was ratified by the Azerbaijani parliament on 14 April 2015.[2]
The PSA contract area covers 1,900 km2 and stretches along the margins of the Caspian basin to the south of the Absheron peninsula.[3] The acreage features water depths of up to 40 metres with potential reservoir depths of 3,000-5,000 metres.[4][5] The development term is 23 years with possible extension.[6]