BAKU, Azerbaijan, February 4. Azerbaijan’s State Oil Fund (SOFAZ) is expected to generate $400,000 in revenues from the sale of profit oil from the Kursangi-Garabaghly block in 2025, Trend reports with reference to the Chamber of Accounts.
The state’s share in oil production from the block is projected to reach 0.16 million barrels.
Oil production at Kursangi-Garabaghly field is expected to reach 0.88 million barrels in 2025. The forecast is slightly lower than the 0.89 million barrels estimated for 2024.
The Kursangi-Garabaghly block covers an area of 450 square kilometers and is located 125 kilometers southwest of Baku.
Oil was first discovered in this onshore block between 1960 and 1962. Over the years, production had been in decline for more than 13 years. Currently, GL Ltd, through its operating company, is engaged in the rehabilitation of the fields.
The reserves of the block are estimated at over 90 million tons of oil.
The field is considered geologically complex and has changed multiple investors during its development. Since 2021, the latest investor, GL Ltd, has been utilizing modern equipment to optimize production.
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