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Azertac, Azerbaijan State News Agency reported on Wednesday with the approval of Ilham Aliyev, exploring and developing D230 field located in the Caspian Sea will begin.
The contract for the development of D230 was signed in London in April in the presence of Azerbaijan President and UK prime minister by Rovnag Abdullayev, President of the State Oil Company of Azerbaijan Republic (SOCAR) and Bob Dudley, the group chief executive of British Petroleum.
Under the contract, the British Petroleum company will be the operator of the exploration activities for 25 years.
SOCAR and the British Petroleum Company each hold 50 percent share in the energy field.
British Petroleum Company is also the contractor for several huge energy projects, including the development of the Azeri-Chirag-Gunashli oil fields and Shah Deniz gas field in Azerbaijan in the South of the Caspian Sea.
D230 energy field is located 135 kilometers northeast of Baku in the Caspian Sea.
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