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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Food prices in Azerbaijan’s capital, Baku, increased by 5% during the first nine months of 2024, highlighting rising inflationary pressures in the domestic market, the Turan agency reported.
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Global grain prices continued their downward trajectory in August, as the FAO grain price index slipped 0.5% from July and a sharp 11.9% year-on-year decline, reflecting weakening demand and intensifying competition among major exporters. Wheat prices were particularly impacted by higher-than-anticipated production levels in Argentina and the United States, exerting additional downward pressure on the international market.
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Azerbaijan’s national air carrier, AZAL, has enhanced its international travel offerings through a new partnership with Ethiopian Airlines, providing passengers with increased connectivity and convenience for global travel, the airline announced on Monday.
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The Azerbaijan Trade Forum, held on October 7, underscored the vital role of small and medium-sized enterprises (SMEs) in enhancing the country’s non-oil exports. Jointly organized by the Small and Medium Business Development Agency (SMBDA) and the Association of Customs and Logistics Companies of Azerbaijan, and supported by Pasha Holding, the event brought together stakeholders from various sectors, including import-export, logistics, production, and customs representation.
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