Baku, Azerbaijan, July 28
By Azad Hasanli – Trend:
Canada’s Zenith Energy Ltd., the dual listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, has successfully restored the production at well M-66 in the Muradkhanli field, the company said in a message.
According to the message, the resumption of work at the well is part of a larger, systematic program towards economically maximizing production at non-producing and underperforming wells across Zenith’s 642.4 square kilometer contract area.
Zenith holds a 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.