BAKU, Azerbaijan, February 4. Azerbaijan’s State Oil Fund (SOFAZ) is expected to generate $3.1 million in revenues from the sale of profit oil from the Zigh-Hovsan oil field in 2025, Trend reports with reference to the Chamber of Accounts.
According to the forecast, the state’s share in oil production from the field is projected to reach 50,000 barrels.
The Zigh-Hovsan oil field in Azerbaijan is expected to produce 0.48 million barrels of oil in 2025, remaining unchanged compared to the estimated 0.48 million barrels in 2024.
However, compared to the 0.44 million barrels produced in 2023, the forecast for 2025 represents an increase of 9.09%.
The Zigh oil field is located in the northeast of Baku and has been in operation since 1935. The Hovsan oil field is situated 20 kilometers from Baku, to the south of the Absheron Peninsula, and has been in operation since 1948.
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