On September 22, 2020, the State Tax Service under the Ministry of Economy of Azerbaijan registered a branch of a joint operating company for the project to develop the Karabakh field in the Azerbaijani sector of the Caspian Sea, Trend reports citing the service.
According to the service, the Karabakh oil and gas field, discovered in 2000, is located 130 kilometers east of Baku.
The initial oil and gas reserves of the field are estimated at 20 million tons of oil and 14 billion cubic meters of gas.
The first oil production from the Karabakh field is expected in the fourth quarter of 2022.
The legal representative of the Azerbaijani branch of the Karabakh Joint Operating Company B.V. is Tahir Dadashov.