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Salyan Oil posts 31% decline in gas output, Jan-Aug

10 October 2008 08:15 (UTC +04:00)

Baku. Vuqar Mustafayev â€“ APA-Economics. Salyan Oil, dealing with development of Kursengi-Karabagli fields onshore Azerbaijan, produced 19.8 million cubic meters of gas during January-August, a 31.3% decline on the same period last year. Gas output was 2.5 million cubic meters in August alone.
Kursangi-Karabaghli field has been developed under 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% interest to Chinese National Petroleum Company for $78mn.
And CNPC then bought Delta Hessâ€™s share and acquired 50% interest.
The field holds 100-150mn tonnes in reserve.
SOCAR has produced 370 tonnes of oil a day since 1997.