BAKU, Azerbaijan, Jan. 6
By Fidan Babayeva - Trend:
The production volume is expected to reach 1.01 million barrels of oil at the Kurovdag oil field in Azerbaijan in 2021, Trend reports on Jan. 6 referring to the conclusion of the Accounts Chamber of Azerbaijan on the draft budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2021.
The forecasted production volume relative to the forecast for 2020 (994,000 barrels of oil) increased by 1.8 percent. This figure was 1.07 million barrels of oil in 2019.
Kurovdag field was discovered in 1929, development was launched in 1955.
Shirvanoil invested over $40 million in the development of Kurovdag till late 2005. The State Oil Company of Azerbaijan SOCAR and the UK’s Caspian Energy Group have come to an agreement on the establishment of the Shirvanoil Operating Company on the basis of the Shirvanoil JV since January 1, 2006.
SOCAR signed a PSA contract with Caspian Energy Group (former Whitehall) related to Kurovdag in November 2004. In accordance with PSA, the parties received 50-percent-share each. Shirvan Oil JV has been involved in the rehabilitation of Kurovdag since 1997, in which Caspian Energy Group owned 51-percent-share.
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