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Binagadi Oil increases gas output by 24%

27 August 2008 12:50 (UTC +04:00)

Baku. Vuqar Mustafayev â€“ APA-Economics. Binagadi Oil, dealing with development of the Binagadi oilfields onshore Azerbaijan, produced 2 million cubic meters of natural gas during January-July, a 24.1% rise on the same period last year. Gas output was 280,000 cubic meters in July alone.
SOCAR (25%) and AZEN Oil Co (75%) signed the Binagadi PSA in September, 2004. AZEN Oil Co (Joint Venture) is established by Azpetrol and Turkeyâ€™s ENKA.
Binagadi Block including 8 fields covers 43 sq. km area. It has been in operation since 1896.
The Block has 683 wells and its reserve is estimated to be 1.5mn tonnes.
Girmaki field has 53 wells and 0.3mn tonnes in reserve, Chakhnaglar field -125 wells and 0.825mn tonnes, Sulutapa - 254 wells and 2.885mn tonnes, Masazir - 38 wells and 0.525mn tonnes, Fatmai - 53 wells and 0.478 mn tonnes.