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RussNeft keeps oil output in Azerbaijan at stable level

Oil&Gas Materials 13 April 2018 17:49 (UTC +04:00)

Baku, Azerbaijan, April 13

By Maksim Tsurkov – Trend:

The Russian oil and gas company RussNeft kept oil production from its assets in Azerbaijan in 2017 at the level of 2016, a source in the Azerbaijani oil and gas market told Trend on April 13.

"The oil production of RussNeft in Azerbaijan in 2017 was planned at the level of about 500,000 tons, which corresponded to the level of the previous year. This plan was fulfilled. On average, 10,000 barrels per day were produced in Azerbaijan," the source said.

The source said that the company plans to increase oil production in Azerbaijan by 2025.

In 2014, RussNeft acquired a 100 percent stake in GEA Holdings Limited (GEA). GEA, through its subsidiaries and joint ventures, participates in projects on oil and gas development in Azerbaijan on the basis of PSA signed with the Azerbaijani state oil company, SOCAR.

RussNeft's assets in Azerbaijan include the Zikh-Hovsan, Kurovdag, Mishovdag-Kelameddin, Padar and Neftchala fields.

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