SOCAR, Petrovyetnam sign agreement on onshore block of fields

Oil&Gas Materials 18 May 2012 13:56 (UTC +04:00)

Azerbaijan, Baku, May 18 /Trend E.Ismayilov/

The State Oil Company of Azerbaijan (SOCAR) and Vietnamese Petrovyetnam signed an agreement on basic commercial principles and provisions of a contract for the rehabilitation, exploration, extraction and production sharing of the onshore block in Azerbaijan, the State Oil Company said on Friday.

The block includes the oil fields of Muradkhanli, Jafarli and Zardab

First Deputy President of SOCAR, academician Khoshbakht Yusifzadeh and Deputy President of Petrovyetnam Nguyen Vu Truong Son signed the agreement.

The Muradkhanli-Jafarli-Zardab Block is located in the oil region of the Yevlakh-Agjabedi Imishli region of Azerbaijan. The Muradkhanli field, which is included in the contract area, was opened in 1971, Jafarli- in 1984 and Zardab- in 1981.

A total of 183 wells have been drilled and 3.4 million tons of oil and 100 million cubic meters of gas produced in all these fields. Remaining recoverable oil reserves of the block are 3.4 million tons with gas - 36 million cubic meters. Last year 26,000 tons of oil was extracted from the fields. Currently 77 wells are included in operational fund, 64 of which accounts for the operational fund.