Middle East Economic Survey


No 29



BP, Socar Sign MOU For Offshore Shafag And Asiman Structures

BP and Azerbaijans state-owned oil and gas company, Socar, on 13 July announced that they had signed in London a memorandum understanding (MOU) that gives BP the exclusive right to negotiate a production-sharing agreement (PSA) for the offshore Shafag and Asiman structures, which lie some 125 km southeast of Baku. The agreement covers a 1,100 sq km area of the Caspian Sea that...