BAKU, Azerbaijan, May 8
By Nargiz Ismayilova – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) received $1.7 million within the implementation of the Binagadi onshore field development project in the first quarter of 2020, a source in SOFAZ told Trend on May 8.
"Furthermore, SOFAZ received $1.2 million in the framework of the implementation of the Surakhani onshore oil field development project," the source said.
The Binagadi onshore field is located in the north-western part of the Absheron Peninsula, nine kilometers from Baku’s center.
The State Oil Company of the Azerbaijan Republic SOCAR and AzEn Oil company signed a joint development agreement on September 29, 2004. The total area of the territory under the agreement reaches 43.5 square kilometers.
The field has been operated by the Binagadi Oil operating company since 2005.
The Surakhani onshore oil field is located 16 kilometers northeast of 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 block of the Surakhani oil field in the Republic of Azerbaijan entered into force on August 16, 2005.
The total area of the territory indicated in the agreement is 13 square kilometers.
The field has been developed since May 2006 by the Surakhani Oil operating company.
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