SOCAR reveals plans for production at Balakhany-Sabunchu-Ramana field
BAKU, Azerbaijan, Feb. 26
By Nargiz Ismayilova – Trend:
The Azerbaijani Balakhany-Sabunchu-Ramana field is expected to produce 9 million cubic meters of natural gas, Ibrahim Ahmadov, Deputy Head of Public Relations and Event Management Department at Azerbaijan's state oil comapny SOCAR, told Trend.
About 246,000 tons of oil is planned to be produced at this field, Ahmadov noted.
The total number of wells at this field amounts to 1,487, of which 1,098 are under operation.
Balakhany-Sabunchu-Ramana field is developed by the Balakhani Oil Operating Company.
SOCAR signed a production sharing agreement (PSA) with the UGE-Lancer PTİ. Ltd. company on exploration, rehabilitation, development and production on the block, including Azerbaijan's Balakhani-Sabunchu-Ramana and Kurdakhani land oil fields in June 2010. The contract area is 16.14 square kilometers.
The contract was signed for 25 years, with the possibility of extension for five more years. UGE-Lancer PTİ. Ltd.'s share in the agreement was set at 75 percent, while Azerbaijan's share stood at 25 percent.
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