Shallow Water Absheron Peninsula

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Shallow Water Absheron Peninsula
RegionCaspian Basin
PartnersBP (50%), SOCAR (50%)

Shallow Water Absheron Peninsula (SWAP) is a prospective exploration area around the Absheron Peninsula in Azerbaijan. On 22 December 2014, SOCAR and BP signed a production sharing agreement on the joint exploration and development of potential prospects in the shallow water area around the Absheron peninsula.[1] The contract was ratified by the Azerbaijani parliament on 14 April 2015.[2]

The PSA contract area covers 1,900 km2 and stretches along the margins of the Caspian basin to the south of the Absheron peninsula.[3] The acreage features water depths of up to 40 metres with potential reservoir depths of 3,000-5,000 metres.[4][5] The development term is 23 years with possible extension.[6]