Production volume forecast from Azerbaijan’s oil & gas field revealed
BAKU, Azerbaijan, Jan. 30
By Anastasia Savchenko - Trend:
It is forecasted that 977,000 barrels of oil will be extracted this year from Azerbaijan’s Binagadi onshore field, Trend reports referring to a report by the Chamber of Accounts on the budget of Azerbaijan’s State Oil Fund (SOFAZ).
Last year, oil production from this field was forecasted at 978,000 barrels, which is 0.1 percent more than the forecast for this year.
It is also noted that in 2018, one million barrels of oil were extracted from the Binagadi field, which is 10 percent less than in 2017.
The Binagadi onshore field is located in the northwestern part of the Absheron Peninsula, 9 kilometers from the center of Baku.
On Sept. 29, 2004, Azerbaijan’s state oil company SOCAR and the Azen Oil Company B.V. signed an agreement on joint development. The total area of the territory specified in the agreement is 43.5 square kilometers.
Since 2005, the field has been operated by Binagadi Oil company.