State Oil Fund gets $2m bonus
The payment was made under a 25-year deal on joint rehabilitation,
development and production sharing from the onshore Zykh and Hovsan
fields signed by the government and the company.
The participants of the project are state oil company SOCAR and RussNeft.
The Zykh and Hovsan fields are located in the southern part of the Absheron Peninsula. The area of the fields being transferred to RussNeft development is 65 square kilometers. The remaining industrial recoverable reserves of the fields amount to an estimated 12 million tons of oil.
In 1994, the so-called Contract of the Century was signed with major oil companies of the world to tap the country's vast oil fields.
The participants of the project are state oil company SOCAR and RussNeft.
The Zykh and Hovsan fields are located in the southern part of the Absheron Peninsula. The area of the fields being transferred to RussNeft development is 65 square kilometers. The remaining industrial recoverable reserves of the fields amount to an estimated 12 million tons of oil.
In 1994, the so-called Contract of the Century was signed with major oil companies of the world to tap the country's vast oil fields.
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