BAKU, Azerbaijan, May 18
By Nargiz Ismayilova - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) received $950,000 within the Salyan field development project in the first quarter of 2020, SOFAZ told Trend.
As part of the Zigh-Hovsan-Absheron block of oil fields development project, SOFAZ received $0.6 million, the fund said.
On November 3, 2006, the State Oil Company of Azerbaijan (SOCAR) and Russneft Absheron Investments Ltd. signed an agreement on restoration, development and shared distribution of production of the Zigh and Hovsan oil fields in Azerbaijan.
The agreement entered into force on October 8, 2007. In 2018, 500,000 barrels of oil were produced from this block of fields, which coincides with the volume of oil production in 2017.
The total area of the territory specified in the agreement is 68.81 square kilometers.
---
Follow the author on Twitter: @IsmailovaNargis