BP and SOCAR Sign an Agreement

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BP and SOCAR Sign an Agreement

BP and SOCAR (the State Oil Company of the Republic of Azerbaijan) today signed a new production sharing agreement (PSA) to jointly explore for and develop potential prospects in the shallow water area around the Absheron Peninsula in the Azerbaijan sector of the Caspian Sea.
This new agreement is part of the government’s plan to ensure that all of Azerbaijan’s offshore areas are fully explored.The PSA was signed by Rovnag Abdullayev, President of SOCAR, on behalf of the government of the Republic of Azerbaijan, and Gordon Birrell, BP’s Regional President for Azerbaijan, Georgia and Turkey.

Mr Abdullayev said: “The signing of this new PSA, which clearly deepens our partnership with BP, is an important milestone for all parties involved – the government, SOCAR and BP. It marks the beginning of a new phase in our cooperation. This phase will enable us to work together to ensure the long term future for Azerbaijan’s oil and gas production through exploring new opportunities. We look forward to this new opportunity that has a potential to contribute to maintaining oil production in Azerbaijan for many decades.”

Mr Birrell said: “BP is proud to embark on this new era of exploration in the Caspian together with SOCAR. This opens a new stage in our partnership. This new partnership is based on BP’s extensive experience in responsibly exploring and developing in shallow water areas around the world and our expertise in using the best technology available in the industry. So we thank the government and SOCAR for another opportunity to deploy our expertise and technology, this time in the shallow water.”

The PSA contract area stretches along the margins of the Caspian basin to the south of the Absheron Peninsula. The acreage features water depths of up to 40 meters with potential reservoir depths of 3000-5000 meters.

Source BP Press office

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.