BAKU, Azerbaijan, June 15
By Fidan Babayeva - Trend:
The volume of oil production at the Azerbaijani Kurovdag field amounted to 97,000 barrels in 2020, while the forecast was 990,000 barrels, Trend reports citing the report of the Chamber of Accounts on the budget of the State Oil Fund of Azerbaijan (SOFAZ) for last year.
Receipts to SOFAZ for this field amounted to over $2.67 million, which is 55.14 percent more compared to the forecast.
The increase in payments to the SOFAZ compared to the forecast is due to the increase in oil prices at the end of 2020.
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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