Salyan Oil cuts oil output 16%

Salyan Oil cuts oil output 16%
# 03 October 2008 09:21 (UTC +04:00)
Baku. Vuqar Mustafayev – 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 USA’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 Hess’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.
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THE OPERATION IS BEING PERFORMED