Monday sitting of the permanent parliamentary commission on natural resources, energy and ecology discusses a PSA between the State Oil Company of Azerbaijan and Rafi Oil, a United Arab Emirates (UAE) company, on the rehabilitation, development and exploration
of Surakhani field, located in 16km of Baku between the fields Chukhuryurd and Sabunchi-Ramani, Asya MAnafiva, the chairman of the commission said.
Thus far 115.6 million tons of oil has been produced in the contract area. The highest production rate was registered in 1931 (1,189 million tons). The resources to be extracted are expected to comprise 6,822,000 tons. Rafi Oil holds 75% stake in the agreement with the term of 25-years, while the SOCAR - 25%.
After the adoption of the agreement Rafi Oil will transfer to Azerbaijan $1m in bonus. All associated gas will be given to Azerbaijan free of charge. After the discussions the agreements were passed to the parliamentary sitting for further consideration.