Russia’s RussNeft talks on expected volumes of oil production in Azerbaijan

Russia’s RussNeft company expects that oil production in Azerbaijan will be at the level of 500,000 tons in 2019, the company told Trend.

The company stated that roughly the same amount of oil was produced in Azerbaijan a year earlier.

It was also noted that there is interest in participating in new projects in Azerbaijan.

In 2014 RussNeft acquired a 100-percent stake in GEA Holdings Limited (GEA). Through its subsidiaries and joint ventures, GEA participates in projects that develop and produce oil in Azerbaijan on the basis of production sharing agreements (PSA) concluded with Azerbaijan’s state-owned company SOCAR.

The Azerbaijani assets of RussNeft include Zigh-Hovsan, Kurovdag, Mishovdag-Kelameddin, Padar and Neftchala fields.