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SOCAR president Rovnag Abdullayev. Image courtesy of Etiraz/Youtube.

BP and SOCAR, the state oil company of the Republic of Azerbaijan, signed a new production sharing agreement Monday to jointly explore and develop potential shallow water prospects in the Caspian Sea.

The PSA contract area stretches along the margins of the Caspian basin to the south of the Absheron Peninsula.

The acreage features water depths of up to 131 feet with potential reservoir depths of 9,842 to 16,404 feet.

Further details about the exploration plans have not been disclosed yet.

The PSA was signed by SOCAR president Rovnag Abdullayev, on behalf of the government of the Republic of Azerbaijan, and BP’s regional president for Azerbaijan, Georgia and Turkey Gordon Birrell.

“This phase will enable us to work together to ensure the long term future for Azerbaijan’s oil and gas production through exploring new opportunities,” Abdullayev said.