British oil giant BP is to hunt for oil and gas in the Caspian Sea with a new Azerbaijani partner.
Yesterday it signed an agreement to explore the shallow water area around the Absheron Peninsula with Azerbaijan’s state oil company SOCAR.
This stretch of the coast is home to Baku (pictured), the capital of Azerbaijan. BP intends to search in water at depths of around 40 metres in this part of the coast.
SOCAR’s President Rovnag Abdullayev signed the deal on behalf of the Republic of Azerbaijan with and Gordon Birrell, BP’s Regional President for Azerbaijan, Georgia and Turkey.
Mr Abdullayev said the deal could mean oil production continues in Azerbaijan “for many decades”.