The Milli Majlis (Parliament) of Azerbaijan has ratified a contract for the exploration, rehabilitation, development and production sharing of the Balakhany, Sabunchi, Ramani and Kurdakhani field , Trend reports.
In June last year, SOCAR (the State Oil Company of Azerbaijan) and the German company UGE-Lanser PTI signed a contract for the rehabilitation, development and production sharing (PSA) of the onshore block of fields Balakhany, Sabunchi, Ramani and Kurdakhani.
The contract covers an area of 16.14 square kilometers.
The contract was signed for 25 years, with the possibility of an extension for another five years. A 75 per cent stake in the contract is held by Lanser and 25 per cent by SOCAR.
Azerbaijani parliament ratifies contract for exploration of new deposits
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