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Canadian company reveals volume of sold Azerbaijani oil

Oil&Gas Materials 17 August 2017 14:04 (UTC +04:00)

Baku, Azerbaijan, Aug.17

By Leman Zeynalova – Trend:

Canada’s Zenith Energy company has sold 23,390 barrels of oil from its assets in Azerbaijan from March 31 to June 30, 2017, a source in the country’s oil and gas market told Trend.

Zenith Energy is the operator of Azerbaijan’s Muradkhanli-Jafarli-Zardab block of onshore oil fields.

“It is clear that we have a prosperous journey ahead and our firm intention is to significantly increase Zenith's oil production revenue in Azerbaijan by undertaking a series of systematic high-impact well interventions across our 642.4 square kilometers contract area,” said the company CEO Andrea Cattaneo.

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 agreement began in August of 2016.

Zenith holds a 80-percent participating interest in the three fields within the contract area, while SOCAR retains the remaining 20 percent. The duration of the agreement is 25 years, with a potential extension of 5 additional years.

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Follow the author on Twitter: @Lyaman_Zeyn

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