The pair hatched a memorandum of understanding (MoU) to jointly explore potential prospects in Block D230 in the North Absheron basin, the UK supermajor said on Wednesday.
The deal “gives BP the exclusive right to negotiate an agreement with Socar to explore and develop” the block, BP said.
The block sits in water depths of around 300 metres, with reservoir depths of between 3000 and 5000 metres.
