BAKU, Azerbaijan, Jan. 30
By Anastasia Savchenko - Trend:
Oil production at Azerbaijan’s Zigh and Hovsan onshore oil fields is forecasted to be 528,000 barrels in 2020, which is 0.18 percent more compared to the forecast of 2019, Trend reports referring to country’s State Oil Fund (SOFAZ).
In 2018, 500,000 barrels of oil were produced from these fields, which coincide with the volume of oil production in 2017.
Azerbaijan’s State Oil Company SOCAR and Russneft Absheron Investments Limited signed an agreement on the restoration, development and shared distribution of production of the Zigh and Hovsan fields in Azerbaijan. The agreement went into effect on October 8, 2007.
The total area of the territory specified in the agreement is 68.81 square kilometers.
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