Oil production in Azerbaijan's onshore field to remain stable
06 December 2021
In 2021, the Balakhani field is expected to extract 1.622 million barrels of oil, the same as the 2022 forecast, said the Chamber of Accounts in its Review on a budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2022, Report informs.
In 2020, this figure was 1.58 million barrels, which is 2.66% less than next year's estimate.
The Balakhani-Sabunchu-Ramana oil and gas field is located 12 kilometers northeast of Baku. The area was discovered appximately in 1869 and has been in operation since 1871. There are 1,124 operating wells and 328 inactive ones in the field.
The field is being developed by the Balakhanineft Oil and Gas Production Department (SOCAR structure). In 2010, SOCAR and the German company UGE-Lancer signed a 25-year agreement on exploration, rehabilitation, development, and production from the block, including the Balakhani, Sabunchu, Ramana, and Kurdakhani fields.
The contract area is 16.14 square kilometers. SOCAR's share is 25% and Lancer's is 75%.
https://report.az/en/energy/oil-production-in-azerbaijan-s-onshore-field-to-remain-stable/
In 2020, this figure was 1.58 million barrels, which is 2.66% less than next year's estimate.
The Balakhani-Sabunchu-Ramana oil and gas field is located 12 kilometers northeast of Baku. The area was discovered appximately in 1869 and has been in operation since 1871. There are 1,124 operating wells and 328 inactive ones in the field.
The field is being developed by the Balakhanineft Oil and Gas Production Department (SOCAR structure). In 2010, SOCAR and the German company UGE-Lancer signed a 25-year agreement on exploration, rehabilitation, development, and production from the block, including the Balakhani, Sabunchu, Ramana, and Kurdakhani fields.
The contract area is 16.14 square kilometers. SOCAR's share is 25% and Lancer's is 75%.
https://report.az/en/energy/oil-production-in-azerbaijan-s-onshore-field-to-remain-stable/
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