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SOFAZ revenues from development of Balakhani block grow

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In 2020, actual production at the Balakhani block of Azerbaijan’s onshore oil fields amounted to 1.57 million barrels, which is 99.4 percent relative to the forecast (1.58 million barrels), reads the conclusion of the Accounts Chamber on the execution of the budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2020, Report informs.

SOFAZ received $6.26 million from these fields, which is 46.95 percent more than the funds worth $4.26 million envisaged in the budget. This is because in 2020, the profit tax of the operating company was not formed, and oil prices rose at the end of 2020.

The Balakhani-Sabunchu-Ramana oil and gas field is located 12 kilometers northeast of Baku. The area was discovered almost in 1869 and has been in operation since 1871. There are 1,124 operating wells and 328 inactive wells at the field.

The field is being developed by the Balakhanineft Oil and Gas Production Department (SOCAR structure). In 2010, SOCAR and the German company UGE-Lancer signed a 25-year agreement on exploration, rehabilitation, development, and production from the block, including the Balakhani, Sabunchu, Ramana, and Kurdakhani fields. The contract area is 16.14 square kilometers. SOCAR’s share is 25 percent and Lancer’s 75 percent.

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Ilham Aliyev, Recep Tayyip Erdogan watching Turkish national team’s game

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Azerbaijani President Ilham Aliyev and his Turkish counterpart Recep Tayyip Erdogan are watching the Group A Turkey-Wales match of the UEFA European Football Championship, Report informs.

The match is being held at the Baku Olympic Stadium.

Wales drew with Switzerland 1:1 at the Baku Olympic Stadium on June 12. Italy defeated Turkey 3:0 in the opening match in Rome.

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UEFA EURO 2020: Turkey-Wales match kicks off

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The match of the second round of Group A Turkey-Wales has kicked off at the UEFA European Football Championship, Report informs.

The match at the Baku Olympic Stadium began at 20:00 (GMT+4).

Wales drew with Switzerland 1:1 at the Baku Olympic Stadium on June 12. Italy defeated Turkey 3:0 in the opening match in Rome.

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Erdogan meets Turkish military operating in monitoring center in Agdam

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As part of his visit to Baku, Turkish President Recep Tayyip Erdogan has met with the Turkish military operating in the joint Turkish-Russian monitoring center in the Agdam district, the Turkish Presidential Administration tweeted, Report informs.

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