By the decision No 173 of the Azerbaijan Cabinet of Ministers the production sharing agreement (PSA) on the Muradkhanly, Jafarli and Zardab oil fields between State Oil Company of Azerbaijan (SOCAR) and Zenith Aran Oil Company Limited, which was signed in March 2016, has been approved.
According to the PSA, Zenith’s share in the joint operation company is 80% and another 20% is owned by SOCAR. The PSA is effective 25 years.
Total area of the bloc is 642.2 sq.km. Currently the fields produce on average 350 barrels of oil a day. The residual resources of the bloc are estimated at 1.8 million tons of oil and 36 mcm of gas. 77 wells have been operating on the bloc of fields.
The fields also produced a small amount of gas, which is used for the production.
Muradkhanly-Jafarli-Zardab bloc is located in the oil and gas region Yevlakh-Agjabedi of Azerbaijani Imishli region. Muradkhanly field, which is a part of the contract area, was discovered in 1971, Jafarli in 1984 and Zardab in 1981.—0—
Economics
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