BAKU, Azerbaijan, Jan. 7
By Fidan Babayeva - Trend:
Oil production at Azerbaijan’s Zigh and Hovsan onshore oil fields is forecasted to be 470,000 barrels in the current year, which is 2 percent less compared to the forecast of 2020, Trend reports referring to the report of the Accounts Chamber for the 2021 budget of State Oil Fund (SOFAZ).
In 2019, 500,000 barrels of oil were produced from these fields, coinciding with the volume of oil production in 2018.
Azerbaijan’s State Oil Company SOCAR and Russneft Absheron Investments Limited signed an agreement on the restoration, development, and shared distribution of production of the Zigh and Hovsan fields in Azerbaijan on November 3, 2006. The agreement went into effect on October 8, 2007.
The total area of the territory specified in the agreement is 68.81 square kilometers.
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