Azerbaijan’s state oil company SOCAR and Zenith Aran Oil Company, a subsidiary of Canada’s Zenith Energy, signed March 16 an agreement on production sharing, restoration, development and exploration at the block that includes Muradkhanli, Jafarli and Zardab oil fields.
SOCAR has said on its website that the deal was signed by the SOCAR President Rovnag Abdullayev and the Zenith Energy CEO Andrea Cattaneo for a period of 25 years.
According to the agreement, the share of the company Zenith in the project is 80 percent, and 20 percent owned by SOCAR.
The Muradkhanli, Jafarli and Zardab fields cover an area of 642.2 square kilometers. Currently, the average daily oil production at these fields is 350 barrels.
Small volume of gas is also produced at the fields and is used in economic and industrial activities.
Remaining recoverable reserves of oil block are estimated at 1.8 million tons, gas - 36 million cubic meters. Currently, 77 wells are operated on the block. –12D--
Economics
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