Gas production of Binagadi Oil falls 40%

As APA reports, it could produce 0.493mn cubic meters of oil during June and this figure is a 40.2% decrease against June, 2005.

SOCAR (25%) and AZEN Oil Co (75%) signed the Binagadi PSA in September, 2004. AZEN Oil Co (Joint Venture) is established by Azpetrol and Turkey'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.

That is, 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.