CNPC profits from Azerbaijani oil field increase

Oil&Gas Materials 13 April 2009 19:42 (UTC +04:00)

Azerbaijan, Baku, April 13 / Trend , E.Ismaylov /

In 2008 Chinese CNPC Hong Kong Ltd (CNPCHK) obtained 909,000 barrels of K&K oil from Azerbaijani onshore fields Kursangi-Garabagli compared to 1.061mln tons in 2007, CNPCHK report says. CNPC possesses 25% participation share in the project.    

The report says that the profit of the company (after payment of taxes) in 2008 totaled $13.68 million compared to $12.33 million in 2007. Increase in the profits of the company from activity on Kursangi-Garabagli under conditions of decrease in the share of obtained oil is explained through high crude oil prices in the world in 2008.       

The PSA on Kursangi-Garabagli field development was signed for a term of 25 years. The shareholders of the company are SOCAR (50%) and Fortunmate (25%). The operating company on development of the field is Salyan Oil.

The contract area of the Kursangi-Garabagli field is 450 square meters. The reserves of the field are estimated at 152mln tons of oil.