BP, Azerbaijan reach joint production agreement to develop Caspian Sea oilBy AP
Thursday, October 7, 2010
BP, Azerbaijan reach Caspian Sea oil deal
LONDON — BP PLC says it has reached an agreement with Azerbaijan’s state oil company to develop a new oil field in the Caspian Sea.
BP said Thursday that the 50-50 joint venture will seek to develop oil production in the Shafag-Asiman sector, 125 kilometers (78 miles) southeast of Baku.
Moving into unexplored territory, the partners will be searching for oil in waters 650-800 meters (2,100-2,600 feet) deep.
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