(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 6. The State Oil Company
of Azerbaijan Republic (SOCAR) intends to enhance the oil recovery
factor at the Azeri-Chirag-Gunashli (ACG) oil field block, SOCAR
Vice President Babek Huseynov said during the "Exploration and
Production Opportunities in the Caspian Region" panel at the 29th
Baku energy Forum, Trend reports.
"The ACG block has undergone development for three decades,
featuring highly efficient wells. Currently, the oil recovery
factor stands at approximately 30–40 percent, which is deemed
acceptable. However, our aim is to elevate this figure to 50
percent," emphasized Huseynov.
He highlighted that achieving this goal will be feasible through
the implementation of new infrastructure and technologies within
this block of fields.
The vice president further pointed out that this block resides
in the northern cluster of hydrocarbon zones on the Azerbaijani
Caspian shelf, with the upcoming establishment of oil production at
the Karabakh field.
"The Karabakh field is poised to yield stable oil with a high
flow rate for up to five years," Huseynov added.
To note, over 600 delegates are participating in the forum,
which began on June 5, representing a diverse range of countries
including Australia, Austria, Belarus, Belgium, Bulgaria, China,
the Czech Republic, Finland, France, Georgia, Hungary, India,
Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands,
Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia,
Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This
year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance
for Azerbaijan and the broader Caspian region, focusing primarily
on considerations and financing related to energy security, energy
transition, and green energy projects.
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