BAKU, Azerbaijan, January 31. Oil production at Azerbaijan’s Kurovdagh field is expected to reach 0.96 million barrels in 2025, according to the Chamber of Accounts, Trend reports.
The forecast matches the estimated production for 2024 but is slightly lower than the 0.99 million barrels recorded in 2023.
Kurovdagh is one of Azerbaijan’s largest onshore oil fields, with operations carried out under a production-sharing agreement.
The Kurovdagh oil field is located 120 km southwest of Baku, near the city of Shirvan, and is part of the Lower Kur oil and gas region.
Since September 1, 1997, the field has been operated by the ShirvanOil joint venture, and since October 5, 2009, by the Shirvan Operating Company Limited.
In November 2004, SOCAR signed a production-sharing agreement (PSA) with Caspian Energy Group (formerly Whitehall) for the development of Kurovdagh. Under the PSA, both parties hold an equal 50% share.
Since 1997, the rehabilitation of Kurovdagh has been carried out by the Shirvan Oil joint venture, in which Caspian Energy Group owns a 51% stake. By the end of 2005, Shirvan Oil had invested more than $40 million in the development of the field.
According to the agreement, the 50% ownership in the project is split between SOCAR and Caspian Energy Group.
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