April 26, 2018 / 3:54 PM / a month ago

BRIEF-SOCAR And BP Sign New Production Sharing Agreement For Azerbaijan Exploration

April 26 (Reuters) - BP PLC:

* SOCAR AND BP SIGN NEW PRODUCTION SHARING AGREEMENT FOR AZERBAIJAN EXPLORATION

* NEW DEAL TO EXPLORE NEW CASPIAN OPPORTUNITIES, POTENTIAL TO SUPPORT AZERBAIJAN’S LONG-TERM PRODUCTION

* SOCAR AND BP SIGNED NEW PRODUCTION SHARING AGREEMENT (PSA) FOR JOINT EXPLORATION AND DEVELOPMENT OF BLOCK D230 IN NORTH ABSHERON

* UNDER PSA, WHICH IS FOR 25 YEARS, BP WILL BE OPERATOR DURING EXPLORATION PHASE HOLDING A 50 PER CENT INTEREST WHILE SOCAR WILL HOLD REMAINING 50 PERCENT INTEREST Source: on.bp.com/2HUFm2c Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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