BP, Azerbaijan reach joint production agreement to develop Caspian Sea oil

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.