Baku, Azerbaijan, April 16
By Leman Zeynalova – Trend:
Canada’s Zenith Energy company, which is the operator of Azerbaijan’s Muradkhanli-Jafarli-Zardab onshore oil fields, has announced the time of delivering a carrier for operation at the fields.
“As was announced on January 25, 2018, the Company has signed a purchase agreement for an A-100 truck-mounted workover rig. This was purchased using the funds raised from Zenith's UK placing, announced on January 24, 2018,” Zenith Energy told Trend.
The Company can confirm that the construction of the rig's mast and substructure is ongoing at a factory located approximately 2 hours from the Company's field locations, whilst awaiting delivery of the carrier which has already been manufactured, said Zenith Energy.
“Zenith's engineers have decided to reconfigure some of the technical features of the rig structure to bring it in line with Western standards. As a result, delivery is now expected in June 2018,” said the company.
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 five additional years.
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