Azerbaijani President ratified exploration production sharing agreement between SOCAR and BP
On April 22, 2015 Azerbaijani President Ilham Aliyev approved the production sharing agreement (PSA) signed between SOCAR and BP.
The contract envisages development and geological exploration works on the shallow section of the Absheron archipelago.
The contract area is about 1,900 sq.km. and 50% share in the PSA is owned by BP and 50% by SOCAR.
The Milli Mejlis ratified the contract on April 15, 2015 and the contract was signed between the companies in December 2014.—0—
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