Itera, Zarubezhneft sign agreement on activity
Azerbaijan, Baku, Aug. 10 / Trend /
Itera and Zarubezhneft have signed an agreement on joint activity under a production-sharing contract on Block 21 in the Turkmen sector of the Caspian Sea.
The agreement was signed by Itera Chairman Makeyev and Zarubezhneft Director Brunich.
According to the document, Zarubezhneft is the operator. It is authorized to conduct all the oil operations on behalf of the contracting companies.
The sides also signed an agreement defining the procedure and terms of transferring Zarubezhneft's 51 percent stake in the project. Itera has about 49 percent.