Azerbaijani President Ilham Aliyev approved the production-sharing agreement (PSA) for Block D230 in the Caspian Sea on Wednesday, local media have reported.
BP will operate the block during the exploration phase with a 50% stake, while State Oil Company of Azerbaijan Republic (SOCAR) will hold the remainder. The PSA is for 25 years and was signed by BP and SOCAR in London in April this year.
SOCAR and BP signed a memorandum of understanding in May 2016 for geological exploration work in the block,...
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