BAKU, Azerbaijan, Aug.27
By Leman Zeynalova – Trend:
Azerbaijan’s state oil company SOCAR has suspended unprofitable oil fields, as the country is a part of the OPEC+ agreement to curb the oil output, said Ibrahim Ahmadov, deputy head of the public relations and events department at SOCAR, Trend reports.
“Oil production is primarily profitable with April prices for Azerbaijani oil at around $20 per barrel and even lower,” he told neftegaz.ru.
He pointed out that SOCAR intends to comply with the quotas agreed as part of the OPEC+ deal and approved by the government.
“Production cut will enable SOCAR not only stabilize the market, but also increase the operations’ efficiency as a result of suspending the fields, the development of which is unprofitable under the current conditions,” added Ahmadov.
Currently, there are a total of 28 onshore oil and gas and condensate fields under the control of operating companies in Azerbaijan.
Twenty-six of these fields are under development, one is inactive and one is in exploration.
Among them there are 12 oil fields, 1 gas field, 8 oil and gas fields, 4 oil and gas and condensate field and one gas and condensate field.
---
Follow the author on Twitter: @Lyaman_Zeyn