SOCAR and UGE-Lancer PTI from Germany signed the PSA on June 3, 2010. The fields are in Absheron. They cover 16.14 km2. The contract will be performed in 25 years, which could be prolonged by 5 at the end. The shares belong to Lancer (75%) and SOCAR (25%). Lancer is the operator.
Balakhani-Sabunchu-Ramana has been developed since 1871. Overall 9,549 wells have been drilled and 271 million tons of oil has been extracted there. The remaining recoverable resource is presumably 7.3 million tons. The output was 208,200 tons in 2009. Overall 1,124 wells are operated, while 328 are inactive.
Kurdakhani was explored from 1914 to 1947. Overall 59 wells were drilled and 198,000 tons of oil was extracted there by January 1, 2010. The remaining recoverable resource is presumably 205,000 tons.
The operator will presumably start its contractual work in October. --14B--
Economics
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On September 6, the State Oil Company of Azerbaijan (SOCAR) has announced a partnership with American oilfield services firm Halliburton to conduct research aimed at reassessing the hydrocarbon potential of the shallow-water section of the Guneşli field.
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The Food Safety Agency of the Republic of Azerbaijan (AQTA) is advancing its process of incorporating foreign high-risk food and feed production facilities into its official registry, the agency announced on Friday.
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Azerbaijan’s "Green Energy Zone" Working Group held its latest hybrid meeting to review the implementation of projects within the framework of the country's Social and Economic Development Strategy for 2022–2026, the Ministry of Energy reported on Wednesday.
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The historic city of Shusha, with its rich cultural heritage, hosted the International Day of Gastronomy on Thursday, a vibrant event organized by the State Tourism Agency, the Shusha City State Reserve, and the National Culinary Center. This event served as a bridge between various cultures and culinary traditions, showcasing the richness of the Islamic world's cuisine through the celebration of the iftar table.
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