BAKU, Azerbaijan, June 13. The volume of oil production at Binagadi field in Azerbaijan stood at 1.01 million barrels in 2021 versus the forecasted 0.94 million barrels, Trend reports with reference to the Chamber of Accounts.
The production plan at the field was implemented by 107.45 percent.
The Binagadi oil and gas area is located northwest of the Absheron Peninsula. On September 29, 2004, the State Oil Company of Azerbaijan (SOCAR) and Azen Oil Company B.V. signed a joint development agreement.
The contract area is 43.5 square kilometers. The Binagadi field has been in operation since 1896. It is located 9 kilometers north of Baku. The field has been operated by Binagadi Oil Company and by Azen Oil Company B.V. (Global Energy) since 2005.
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