State Oil Co. of Azerbaijan has been approached by BP Plc (BP/) over exploring a shallow section of the Absheron shelf in the Caspian Sea, Trend said today, citing Xosbaxt Yusifzada, the Azeri producer’s first vice president.
Socar, as the Baku-based company is known, is considering the proposal, Yusifzada said, according to the news service.
Tamam Bayatli, a BP spokeswoman in the Azeri capital, said the company is interested in further oil and gas exploration in Azerbaijan, declining to elaborate. Yusifzada said Azerbaijan has 2 billion metric tons of proved reserves of oil and 2.55 trillion cubic meters of gas, according to Trend.
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