BP Awards Caspian Geophysical Contract

Caspian Geophysical, the joint venture between WesternGeco and the State Oil Company of Azerbaijan Republic, announced that BP has awarded Caspian Geophysical a marine seismic services contract in the Azerbaijan sector of the Caspian Sea. Under the contract, Caspian Geophysical will supply a variety of conventional towed streamer and 3D, four-component (4C), marine acquisition and processing services for future seismic projects within any Production Sharing Agreement areas operated by BP. Caspian Geophysical will be the first contractor to mobilize ocean-bottom cable equipment designed for large-scale 4C seismic surveys within the Caspian region. The 4C surveys will provide additional subsurface information around gas-invaded sediments near mud volcanoes prior to field development. A 4D, or time-lapse, seismic survey is also planned to assist in analysis of reservoir fluid depletion. Surveys are scheduled to commence during Q1/Q2 2002, and continue into 2003.