BAKU, Azerbaijan, Jan. 30
By Anastasia Savchenko - Trend:
Oil production at the Azerbaijan's Surakhany onshore oil field is forecasted to exceed 1.1 million barrels in 2020, Trend reports referring to the report of Azerbaijan’s State Oil Fund (SOFAZ).
The forecast for oil production for 2020 is 0.84 percent less compared to the forecast for 2019.
According to the report, over 1 million barrels of oil were produced at the Surakhany field in 2018.
The Surakhany field is located 16 kilometers northeast of the Baku city, at an altitude of 70-75 meters above the Caspian Sea level.
The agreement on the restoration, development and distribution of the production share of the Surakhany field in the Republic of Azerbaijan went into effect on August 16, 2005.
The total area of the territory is 13 square kilometers.
The development of the field has been underway since May 2006 by the Surakhany Oil Operating Company.
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