Baku, Azerbaijan, May 19
By Leman Zeynalova – Trend:
Canada’s Zenith Energy company has appointed Michael Palmer as chief operating officer of the company’s operations in Azerbaijan, read the message posted on Zenith's website.
Azerbaijan’s Muradkhanli, Jafarli and Zardab oil fields are controlled and operated by Zenith Aran, Zenith Energy’s wholly owned subsidiary in the country.
Palmer has 37 years of experience in the oil industry as head of production operations, exploration and field development in Azerbaijan, Kazakhstan, Russia, Ukraine, Syria, Indonesia, Gabon, Guinea, and the US.
One of Palmer's most important achievements has been the successful management of operations at an onshore oilfield in Azerbaijan operated by an international oil production company.
Under Palmer's management of this field, operations were economically successful and production increased from approximately 1,500 barrels of oil per day to 7,500 barrels of oil per day.
Zenith holds an 80 percent participating interest in the three fields within the contract area – Muradkhanli, Jafarli and Zardab – while a SOCAR Oil affiliate company (fully owned by SOCAR) retains the remaining 20 percent. The duration of the agreement is 25 years, with a potential extension of 5 additional years.
Azerbaijan’s state oil company SOCAR and Zenith Aran Oil Company signed a Rehabilitation, Exploration, Development and Production Sharing Agreement (REDPSA) in March 2016 for a block that includes the Muradkhanli, Jafarli and Zardab oilfields. These fields cover an area of 642.2 square kilometers. Production under the Zenith banner began August 11, 2016.
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