Azerbaijan intends to increase oil production volume from Balakhani field in 2021
BAKU, Azerbaijan, Jan. 6
By Fidan Babayeva - Trend:
The production volume is projected to reach 1.6 million barrels at Azerbaijan’s Balakhani oil field 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 projected production volume relative to the 2020 indicator (1.6 million barrels of oil) increased by 2.5 percent which is by 6.8 percent less than in 2019 (1.7 million barrels).
Balakhani field is being developed by Balakhani Oil operating company.
The State Oil Company of Azerbaijan SOCAR and UGE-Lancer PTE signed the production sharing agreement (PSA) on rehabilitation, development on the onshore block of Balakhani-Sabunchi-Ramana and Kurdakhani 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.
Lancer company received a 75-percent-share in the contract while SOCAR - 25 percent.
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