SOCAR, BP sign MOU for Caspian Sea exploration

State Oil Co. of Azerbaijan Republic (SOCAR) has signed a memorandum of understanding with BP PLC, giving the operator the exclusive right to negotiate on exploration and development of offshore Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea. Block D230 lies in 300 m of water with reservoir depths of 3,000-5,000 m.

Source: News