The Pirsaat oil and gas condensate field is located on the shores of the Caspian Sea, 76 km south-west of Baku and 10 km from the Alat railway station. The Pirsaat field is bordered by the Garadagh field to the north and the Galmaz field to the north-west. The tectonic anticline structured Pirsaat field is of 12 km length and 3.5 km width.
The Pirsaat field was discovered in 1932 as a result of seismic exploration. The field is not large in size and reserves and has a complex geological structure. Well No.27 drilled in 1936 produced 300 tons of oil per day from a depth of 1252-1255 m, thus determining the oil and gas content of the field. Well No.86, drilled in the 1960s, initially produced 300 tons of condensate and 800,000 m3 of gas per day. In general, the structure is complicated by numerous violations. Oil, oil-gas and gas-condensate layers are involved in the intersection. The depth of the Pirsaat oil and gas condensate field is between 315-4,130 m.
The industrial development of the field began in 1936. The wells were suspended during World War II and resumed in 1960. A total of 158 wells have been drilled in the Pirsaat field since the beginning of development. As of January 1, 2024, there are 41 wells in the field, 6 of which are operational (5 oil wells and 1 gas well). Since the beginning of the development, the field has produced 728.400 tons of oil and 1,173 bcm of gas.
The field is being developed by Petro-HongKong-Pirsaat Operating Company. On June 4, 2003, SOCAR, Shengli Oilfield Shengda Group Company and SOCAR Oil Affiliate signed the Agreement on the Rehabilitation, Development and Production Sharing for the Block, including the Pirsaat Oil Field and Areas Adjacent in the Azerbaijan Republic. The agreement entered into force on December 29, 2003. In 2008, Shengli Oilfield Shengda Group Company sold its stake to Petro-HongKong Limited. The Contract area is 38 km².