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Shirvan Oil sees a 33% decline in gas output

27 August 2008 12:49 (UTC +04:00)

Baku. Vuqar Mustafayev â€“ APA-Economics. Shirvan Oil Operating Company, dealing with development of Kurovdagh Field onshore Azerbaijan, produced 9.8 million cubic meters of natural gas during January-July, a 33.1% decline from the same period last year. Gas output was 1.6 million cubic meters in July alone, said the company.
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 tonnes of oil in reserve.
The company has 350 wells and oil production per day is 677 tonnes.
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.