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Volume of oil production at Azerbaijan’s Neftchala onshore field revealed

Oil&Gas Materials 28 January 2020 13:56 (UTC +04:00)
Volume of oil production at Azerbaijan’s Neftchala onshore field revealed

BAKU, Azerbaijan, Jan. 28

By Anastasia Savchenko – Trend:

The volume of oil production at Azerbaijan’s Neftchala onshore field is forecasted to be 241,000 barrels in 2020, which is 12,000 barrels less 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 200,000 barrels, a source in SOFAZ said.

Meanwhile, the volume of oil production at Kurovdagh onshore field is forecasted to be just above 1 million barrels, which is 6,000 barrels less than the forecast of 2019. This indicator was 1 million barrels in 2018," the source said.

The Kurovdagh field was discovered in 1929, development began in 1955. It should be noted that Shirvanoil invested over $40 million for development of the Kurovdagh field till late 2005.

Azerbaijan’s State Oil Company SOCAR and the British Caspian Energy Group agreed to establish Shirvanoil Operating Company on base of Shirvanoil Joint Venture on January 1, 2006.

In November 2004, SOCAR signed a Production Sharing Agreement (PSA) with Caspian Energy Group (formerly Whitehall) on the Kurovdagh field. According to the PSA, the parties received a 50 p stake. Since 1997, Shirvan Oil Joint Venture has been engaged in the rehabilitation of Kurovdagh, where the Caspian Energy Group owned 51% of the shares.

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