Azerbaijan, Baku, May 22 / Trend I. Khalilova /
The Azerbaijani government corrected requirements towards foreign contractors within oil contractors under signing.
Compensation by crude oil is envisaged in accordance with ratified oil contracts, the parliament vice-speaker Valekh Aleskerov said on May 22.
"Beginning from the date of the agreement's coming into force contractors must deliver 40 percent of extracted oil to SOCAR free of charge monthly (the State Oil Company of Azerbaijan)," Aleskerov said.
It will continue till total volume reaches 80,000 tons, he said. Moreover, this order will be applied via ratified contract on oil extraction between SOCAR and Anshad Petrol. Oil will be extracted from contract areas Neftchala, Hili and Babazanan.
Presently, roughly 45,000 tons of oil is being extracted from these fields annually.
Neftchala is the biggest field among them. Rest reserves are estimated in the amount of 8 million tons. Hili field's reserves hit 231,000 tons, he said. There are small reserves in Durovdag-Babazan field.
"These fields allow foreign investors drawing new investments to increase volumes of extraction," vice-speaker said.
He stressed that roughly 686 Azerbaijani employees and a foreigner work there.
Today the Parliament ratified another two contracts. SOCAR signed the contract on exploration, development and rehabilitation of onshore field Kurovdag in Azerbaijan with British company Caspian Energy Group. It is being developed by operation company Shirvan Oil, as well as French company Total on prospective offshore block Apsheron.
Compensation on Kurovdag field has been determined in the amount of 2,207 tons, Alekperov said.
"This is very important index as it indicates on profitability of the contract for Azerbaijani government," vice-speaker said.
Compensation on offshore block Apsheron has not been determined.
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