ECONOMY
SOCAR and PetroVietnam Company signs contract on onshore block of fields
Baku, May 18 (AZERTAC). Baku State Oil Company of Azerbaijan (SOCAR) has signed agreement on commercial principles and PSA terms with " Vietnam Oil and Gas Group" (PetroVietnam) for restoration, exploration and development of on-shore field block Muradkhanli, Jafarli and Zardab, today.
First Deputy President of SOCAR, academician Khoshbakht Yusifzadeh and Deputy President of Petrovyetnam Nguyen Vu Truong Son signed the agreement.
The Muradkhanli-Jafarli-Zardab Block is located in the oil region of the Yevlakh-Agjabedi Imishli region of Azerbaijan. The Muradkhanli field, which is included in the contract area, was opened in 1971, Jafarli- in 1984 and Zardab- in 1981.
A total of 183 wells have been drilled and 3.4 million tons of oil and 100 million cubic meters of gas produced in all these fields. Remaining recoverable oil reserves of the block are 3.4 million tons with gas - 36 million cubic meters. Last year 26,000 tons of oil was extracted from the fields. Currently 77 wells are included in operational fund, 64 of which accounts for the operational fund.