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.BP and SOCAR Sign an Agreement to Explore Shallow Water Absheron Peninsula, BP Press Release 22 December 2014 The contract was ratified by the Azerbaijani parliament on 14 April 2015.Azerbaijan ratifies new oil contract with BP, trend.az, 14 April 2015, retrieved on 16 April 2015
The PSA contract area covers 1,900 km2 and stretches along the margins of the Caspian basin to the south of the Absheron peninsula.Parliament ratifies SOCAR, BP PSA on shallow water Absheron, ann.az, 15 April 2015, retrieved on 16 April 2015 The acreage features water depths of up to 40 metres with potential reservoir depths of 3,000-5,000 metres.PSA to explore shallow water Absheron Peninsula signed, Caspian Energy, 22 December 2014BRIEF - BP and SOCAR sign agreement to explore shallow water Absheron Peninsula, Reuters, 22 December 2014 The development term is 23 years with possible extension.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
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