BAKU, Azerbaijan, June 11
By Fidan Babayeva - Trend:
The actual oil production from the Binagadi onshore field in Azerbaijan amounted to 990,000 barrels in 2020, Trend reports citing the report of the Chamber of Accounts on the budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2020.
As reported, the production forecast for this field was thus fulfilled by 106.6 percent.
As of early 2020, oil production from this field was projected at 930,000 barrels, the report reads.
“Last year, revenues from this field totaled over $3.65 million, which is 114.92 percent more than the forecasted figure ($1.7 million). The increase in payments to the SOFAZ as compared to the forecast is due to the increase in oil prices at the end of 2020,” the report said.
According to the report, 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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