BAKU, Azerbaijan, June 20. Azerbaijan’s Kursangi and Garabagli fields have produced 0.86 million barrels in 2022, as compared to the projected 0.91 million barrels, Trend reports.
As such, the output plan for the fields has been fulfilled by 94 percent, the Chamber of Accounts estimates.
Kursangi and Garabagli produced 0.95 million barrels in 2021. Thereby, the volume of output dropped by almost 9.5 percent year-on-year.
The fields are developed by Salyan Oil company.
The Kursangi and Garabagli fields located in the Kura lowland of Azerbaijan started producing in 1962 and 1960 respectively. The Rehabilitation, Exploration, Development, and Production Sharing Agreement for the Kursangi and Garabagli fields was signed December 15, 1998 by SOCAR, "Frontera Resources," and "Delta/Hess" Ltd and went into effect on April 22, 1999. In May, 2002, the stakes of "Frontera ReSources" and "Delta/Hess" Ltd. in the agreement were purchased by CNPC. In December 2021 CNPC’s stake was acquired by GL LTD, a privately owned ‘start up’ upstream production company based in Azerbaijan.
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