Shallow Water Absheron Peninsula

Shallow Water Absheron Peninsula (SWAP) is a 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>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 Azerbaijani parliament on 14 April 2015.<ref>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 km² and stretches along the margins of the Caspian basin to the south of the Absheron peninsula.<ref>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>PSA to explore shallow water Absheron Peninsula signed, Caspian Energy, 22 December 2014</ref><ref>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>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>