Middle East Economic Survey


No 41



BP And Socar Sign PSA For Shafag-Asiman Structure

BP and Azeri state firm Socar signed a 30-year production sharing agreement (PSA) in Baku on 7 October for joint exploration and development of the Shafag-Asiman structure in the Azeri sector of the Caspian Sea. BP will be operator with 50% equity and Socar will hold 50%. The block is undrilled and lies some 125km southeast of Baku. It covers 1,100 sq km with water depths of...