Shallow Water Absheron Peninsula (SWAP) is a prospective exploration area around the Absheron Peninsula in Azerbaijan. On 22 December 2014, SOCAR and BP signed a production sharing agreement on the joint exploration and development of potential prospects in the shallow water area around the Absheron peninsula.[1] The contract was ratified by the Azerbaijani parliament on 14 April 2015.[2]
The PSA contract area covers 1,900 km2 and stretches along the margins of the Caspian basin to the south of the Absheron peninsula.[3] The acreage features water depths of up to 40 metres with potential reservoir depths of 3,000-5,000 metres.[4][5] The development term is 23 years with possible extension.[6]
^BP and SOCAR Sign an Agreement to Explore Shallow Water Absheron Peninsula, BP Press Release 22 December 2014
^Azerbaijan ratifies new oil contract with BP, trend.az, 14 April 2015, retrieved on 16 April 2015
^Parliament ratifies SOCAR, BP PSA on shallow water Absheron, ann.az, 15 April 2015, retrieved on 16 April 2015
^PSA to explore shallow water Absheron Peninsula signed, Caspian Energy, 22 December 2014
^BRIEF - BP and SOCAR sign agreement to explore shallow water Absheron Peninsula, Reuters, 22 December 2014
^Parliament of Azerbaijan ratified agreement between BP and SOCAR for hydrocarbons exploration and development in shallow waters of Absheron, abc.az, 14 April 2015, retrieved on 16 April 2015 Archived 4 March 2016 at the Wayback Machine
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