RussNeft eyes to produce 500K tons of oil in Azerbaijan in 2017
Baku, Azerbaijan, July 4
By Maksim Tsurkov – Trend:
Russia’s RussNeft oil company plans to produce about 500,000 tons of oil in Azerbaijan, which corresponds to the production level last year, a source in Azerbaijan’s oil and gas market told Trend.
In 2014, RussNeft acquired a 100 percent stake in GEA Holdings Limited (GEA). GEA through its subsidiaries and joint ventures participates in projects to develop and produce oil in Azerbaijan based on production sharing agreements (PSA) signed with the country’s state oil company SOCAR.
Azerbaijani assets of RussNeft include the Zig-Hovsan, Kurovdag, Mishovdag-Kelameddin, Padar and Neftchala fields.