The Masazyr field is located 20 km north of Baku, in the Binagadi oil and gas region. Like a natural museum, periodically active mud volcanoes, (Kechaldagh (Stone Mountain), Zigilpiri, Keyraki, Boyukdagh (Big Mountain), Kichikdagh (Small Mountain), etc.), various stratigraphic strata that appear on the surface, mud ponds, remains of flora and fauna are widely spread in the Binagadi oil and gas region, in the north-west of the Absheron Peninsula. The 100-year-old Binagadi field, and the Girmaki, Chakhnaglar, Sulutepe, Masazyr, Shabandag and Fatmayi (Sianshor and Mahammadli) fields, which have been in operation for 40-90 years, are located there. At present, these fields are in the final stages of development, and a large part of the remaining recoverable oil reserves (84.2%) have been extracted. The depth of the productive layer in the area ranges from a few metres to 2,000 m subsurface.
Boyukdagh (Big Mountain) and Keyraki mud volcanoes, as well as naturally formed Lake Masazyr are located in the area. The Masazyr fold has a tectonic brachianticlinal structure and extends in a north-western, south-eastern direction. Although the field has been in operation since 1980, oil production here dates back to the early 20th century. As early as in 1903-1920, a large number of wells were drilled in the field by hand, and oil was extracted by hand. However, due to the low production of these wells (1-1.2 tons per day), the field has been neglected for a long time. New wells have been drilled in the area only since 1980. From the beginning of operation to January 1, 2024, 120 wells were drilled in the Masazyr field and 240,000 tons of oil and 15 million m3 of gas were extracted from these wells. At present, 32 out of 38 production wells are operational in the field.
The field is operated by Binagadi Oil Operating Company in accordance with the Agreement on the Rehabilitation, Development and Production Sharing for the Block, including Binagadi, Girmaki, Sulutepe, Chakhnaglar, Masazyr, Fatmayi, Shabandagh and Sianshor Oil Fields in the Azerbaijan Republic, signed on September 29, 2004, between SOCAR, Azen Oil Company B.V. and SOCAR Oil Affiliate (SOA), which entered into force on September 1, 2005.