BAKU, Azerbaijan, Jan. 28
By Anastasia Savchenko – Trend:
The volume of oil production at Azerbaijan’s Kursengi and Garabagli fields is forecasted to be just higher 1 million barrels, which is 14,000 barrels more than the forecast of 2019, Trend reports referring to the country’s State Oil Fund (SOFAZ).
In 2018, the volume of oil production at these fields amounted to 700,000 barrels, SOFAZ said.
Both fields are located in Azerbaijan’s Salyan District, about 150 kilometers from Baku. According to some experts, the residual oil reserves on the contract area exceed 150 million tons.
The contract for development of Kursengi and Garabagli fields was signed in 1998 for a period of 25 years. The shareholders of Salyan Oil are SOCAR and China National Oil & Gas Exploration and Development.
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