Volume of oil production from Binagadi field for next year unveiled 

The Binagadi field is forecasted to produce 0.998 million barrels in 2022, up 0.4% from the forecast of 1.002 million barrels for 2021, Report informs, citing the Opinion of the Chamber of Accounts of the Republic of Azerbaijan on the budget of the State Oil Fund of Azerbaijan for 2022.

In 2020, the production from the field totalled 0.99 million barrels, which is 0.8% less than the next year’s forecast.

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