BAKU, Azerbaijan, June 15
By Fidan Babayeva - Trend:
The volume of production at the Azerbaijani Surakhani onshore oil field amounted to 1.03 million barrels in 2020, Trend reports citing the report of the Chamber of Accounts on the budget of the State Oil Fund of Azerbaijan (SOFAZ).
According to the report, receipts from this field amounted to $1.43 million, which is 19.17 percent more than the forecast ($1.2 million).
Failure to meet the production forecast is related to the COVID-19 pandemic, suspension of drilling due to falling prices for hydrocarbons in the global market and restrictions on oil production in accordance with the OPEC + agreement.
At the same time, in accordance with the protocol on the agreement signed between SOFAZ, SOCAR, ministries of finance and the economy, SOCAR was paid $41.4 million, the report says.
The Surakhani field is located 16 kilometers northeast of the city of Baku. The agreement ‘On the restoration, development and distribution of the share of production from the block of the Surakhani oil field in Azerbaijan’ entered into force on August 16, 2005.
The total area of the territory stipulated in the agreement is 13 square kilometers.
The development of the field has been carried out since May 2006 by the Surakhani Oil Operation Company.
---
Follow the author on Twitter: Fidan_Babaeva