Baku, Azerbaijan, Oct.2
By Leman Zeynalova – Trend:
Canada’s Zenith Energy company, which is the operator of Muradkhanli-Jafarli-Zardab block of onshore oil fields in Azerbaijan, has defined the approximate time of starting drilling new wells, a source in the country’s oil and gas market told Trend.
The source noted that the company plans to start development of drilling operations in 2018.
“The implementation of the Zenith’s exploration program will begin in 2019, as planned,” added the source.
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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