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Shirvan Oil cuts oil output by 8%

15 August 2008 14:04 (UTC +04:00)

Baku. Vugar Mustafayev â€“ APA-Economics. Shirvan Oil Operating Company, dealing with development of Kurovdagh Field onshore Azerbaijan, produced 101 200 tons of oil during January-AJune, down 7.7% from the same period last year.
Oil production was 16 500 tons in June alone.
SOCAR (50%) and British Caspian Energy Group (50%) signed PSA on development of Kurovdagh field on November 5, 2004.
This field is located in the basin of the Kyur covering 115 sq. km and has 5.5mn cubic meters of oil in reserve.
The company has 350 wells and oil production per day is 677 cubic meters.
The agreement on the development of the field was signed for 25 years and the period can be prolonged for 5 years if the both parties agree.