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Salyan Oil cuts oil output 16%

03 October 2008 09:21 (UTC +04:00)

Baku. Vuqar Mustafayev â€“ APA-Economics. Salyan Oil, dealing with development of Kursengi-Garabagli onshore fields, produced 179 300 metric tons of oil during January-August, down 15.5% on a year earlier. Oil output was 20 800 tons in August alone, said the company.
Kursangi-Garabaghli field has been developed on an agreement SOCAR and USAâ€™s Frontera and Delta Hess concluded in 1998.
But the US Company sold its stake to the EBRD.
In 2002 the EBRD sold its 30% share to Chinese National Petroleum Company by $78mn.
And CNPC then bought Delta Hessâ€™s share and acquired 50% stake.
The field holds 100-150mn tonnes in reserve.
SOCAR has produced 370 tonnes of oil a day since 1997.