Azerbaijan announces 2021 forecast for oil output at Binagadi onshore field
BAKU, Azerbaijan, Jan. 7
By Fidan Babayeva - Trend:
It is predicted that 940,000 barrels of oil will be produced from the Binagadi onshore field of Azerbaijan in 2021, Trend reports citing the Chamber of Accounts’ report on the SOFAZ budget.
In 2020, oil production from this field was projected at 930,000 barrels, which is 1 percent more than the forecast for the current year.
As reported, that 1 million barrels of oil were produced from the Binagadi field in 2019.
The Binagadi onshore field is located in the northwestern part of the Absheron Peninsula.
On September 29, 2004, an agreement on joint development of the field was signed between SOCAR and AzEn Oil. The total area of the territory stipulated in the agreement is 43.5 square kilometers.
Since 2005, the field has been operated by the Binagadi Oil Operating Company.
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