Experts of State Oil Company of Azerbaijan (SOCAR) have been working on the production sharing agreement, which envisages development of onshore fields Muradkhanly-Jafarli-Zardab located 250 km southwest of Baku, a source from SOCAR told Turan’s correspondent.
SOCAR’s partner in the project is the Canadian Zenith Energy Ltd company.
Zenith Energy Ltd has founded Zenith Aran Oil Company Ltd, which will carry out operations on the onshore bloc.
According to the preliminary estimates, SOCAR’s share in the company will be 20%, while Zenith Energy Ltd will have 80%.—0--
Economics
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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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