Azerbaijan, Baku, Sept. 24/ Trend /
The Chinese company CNPC Hong Kong Ltd (CNPCHK) has received 422,000 barrels of K & K oil from the Kursangi-Garabagly field of Azerbaijan in the first half of 2009, compared to 448,000 barrels in the first half of 2008, the CNPCHK reported. The CNPC owns 25 percent of the project equity.
The company's profit (after tax payments) amounted to $620,200 in the first half of 2009, compared to $8.1 million for the same period of 2008. The decrease in the CNPCHK profits from the Kursangi-Garabagly field is associated with a decrease in world oil prices. K & K kind of oil has a density of 26 degrees by API and its sulfur content is 0.27 percent.
The contract area of the Kursangi-Garabagli field is 450 square meters. Fields are situated in Salyan region of Azerbaijan (150 kilometers from Baku). According to the specialists of the State Oil Company of Azerbaijan, permanent oil reserves on the contract area hit 152 million tons.
Term of the agreement on Kursangi-Garabagli onshore field development is 25 years. Shareholders of the project: SOCAR- 50 percent, two Chinese companies - China National Oil & Gas Exploration and Development Corp. (CNODC) and CNPC (Hong Kong) Ltd. (CNPCHK), owning 25 percent.