BAKU, Azerbaijan, June 11. The volume of oil production at Balakhani field in Azerbaijan stood at 1.73 million barrels in 2021 versus the forecasted 1.62 million barrels, Trend reports with reference to the Chamber of Accounts.
As such, the production plan was implemented by 106.79 percent.
Balakhani field is being developed by Balakhani Oil operating company.
The State Oil Company of Azerbaijan SOCAR and UGE-Lancer PTE signed the production sharing agreement (PSA) on rehabilitation, development on the onshore block of Balakhani-Sabunchi-Ramana and Kurdakhani fields in June 2010. The contract area is 16.14 square kilometers.
The contract was signed for 25 years with the possibility of an extension for five more years.
Lancer holds a 75-percent-share in the contract while SOCAR’s share is 25 percent.
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