View source for Shallow Water Absheron Peninsula

{{Infobox oilfield
| name        = Shallow Water Absheron Peninsula
| country     = [[Azerbaijan]]
| region      = Caspian Basin
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| offonshore  = offshore
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| operator    = [[BP]]
| operators   = 
| partners    = [[BP]] (50%), [[SOCAR]] (50%) 
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'''Shallow Water Absheron Peninsula (SWAP)''' is a [[production sharing agreement|PSA]] signed on 22 December 2014 between [[SOCAR]] and [[BP]] on the joint exploration and development of potential prospects in the shallow water area around the [[Absheron peninsula]].<ref>[http://www.bp.com/en/global/corporate/press/press-releases/bp-and-socar-sign-an-agreement-to-explore-shallow-water-absheron.html BP and SOCAR Sign an Agreement to Explore Shallow Water Absheron Peninsula, BP Press Release 22 December 2014]</ref> The contract was ratified by the [[National Assembly (Azerbaijan)|Azerbaijani parliament]] on 14 April 2015.<ref>[http://en.trend.az/business/economy/2383534.html Azerbaijan ratifies new oil contract with BP, trend.az, 14 April 2015, retrieved on 16 April 2015]</ref>
  
The PSA contract area covers 1,900 km<sup>2</sup> and stretches along the margins of the Caspian basin to the south of the Absheron peninsula.<ref>[http://ann.az/en/parliament-ratifies-socar-bp-psa-on-shallow-water-absheron/#.VS9Oo_mUfAk Parliament ratifies SOCAR, BP PSA on shallow water Absheron, ann.az, 15 April 2015, retrieved on 16 April 2015]</ref> The acreage features water depths of up to 40 metres with potential reservoir depths of 3,000-5,000 metres.<ref>[http://caspianenergy.net/en/oil-and-gas/17839-psa-to-explore-shallow-water-absheron-peninsula-signed PSA to explore shallow water Absheron Peninsula signed, Caspian Energy, 22 December 2014]</ref><ref>[http://uk.reuters.com/article/2014/12/22/bp-brief-idUKFWN0U601J20141222 BRIEF - BP and SOCAR sign agreement to explore shallow water Absheron Peninsula, Reuters, 22 December 2014]</ref> The development term is 23 years with possible extension.<ref>[http://abc.az/eng/news_14_04_2015_87743.html 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]</ref>

==References==
{{reflist}}

{{Portal|Azerbaijan|Energy}}
{{Energy in Azerbaijan}}

{{coord missing|Azerbaijan}}

[[Category:Oil fields of Azerbaijan]]
[[Category:Energy in the Soviet Union]]
[[Category:Caspian Sea]]
[[Category:BP]]