Production at Binagadi field exceeds forecast by 7%

In 2021, 1.01 million barrels of oil (+0.02 million barrels or 2.02%) were extracted from the onshore Binagadi field, Report informs, citing the Chamber of Accounts.

Last year, the field was expected to produce 0.94 million barrels of oil, which is 0.07 million barrels or 7.44% more than the actual figure.

The Binagadi oil and gas area is located northwest of the Absheron Peninsula. On September 29, 2004, the State Oil Company of Azerbaijan (SOCAR) and Azen Oil Company B.V. signed a joint development agreement.

The contract area is 43.5 square kilometers. The Binagadi field has been in operation since 1896. It is located 9 kilometers north of Baku. The field has been operated by Binagadi Oil Company and by Azen Oil Company B.V. (Global Energy) since 2005.