Oil production at Binagadi field to increase this year

This year, oil production at the Binagadi field is projected to be 0.99 million barrels, Report informs referring to the Chamber of Accounts' conclusion on the State Oil Fund of Azerbaijan (SOFAZ) budget for 2025.

This is 0.01 million or 1.02% more compared to the forecast for 2024.

In 2023, 0.99 million barrels of oil were produced at this field.

Binagadi field is located in the northwest of the Absheron Peninsula. On September 29, 2004, an agreement on joint development was signed between the State Oil Company of Azerbaijan (SOCAR) and Azen Oil Company B.V.