The Canadian Zenith Energy Ltd produced in Azerbaijan the first oil within the PSA signed with SOCAR for the development of the onshore oil field block Muradkhanli, Jafarli and Zardab.
According to the company, the daily volume of production at the block of fields is 300 barrels of oil.
The contract on production sharing, restoration, development and exploration on the onshore block of oil fields Muradkhanli, Jafarli and Zardab was signed by the companies in March 2016.
Zenith Energy Ltd established a subsidiary Zenith Aran Oil Company Ltd for mining operations in these three fields.
‘This step will mark the successful completion of the transfer of the maintenance and management to Aran Oil Operating Company, founded by Zenith Aran Oil Company and SOCAR,’ the statement says.
Under the agreement, the share of Zenith in the joint operating company is 80%, and 20% is owned by SOCAR. Duration of the agreement is 25 years.
The total area of the fields Muradkhanli, Jafarli and Zardab is 642.2 square kilometres.
* The block Muradkhanli-Jafarli-Zardab is located in the oil area of the evlakh-Agjabedi-Imishli region of Azerbaijan. The field Muradkhanli, part of the contract area, was opened in 1971, Jafarli was opened in 1984, and Zardab was opened in 1981. -12D--
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