Zenith Energy in-house personnel take control of all operational activities onshore Azerbaijan
Baku, Azerbaijan, April 17
By Leman Zeynalova – Trend:
In-house personnel of Canada’s Zenith Energy company has taken the control of all operational activities at Muradkhanli-Jafarli-Zardab oil fields onshore Azerbaijan, Trend learned from the company.
“All non-Zenith operational teams have now been stood down and in-house personnel have now assumed control of all operational activities. This is in keeping with the company's stated intention to use its own internal resources to the fullest extent, enabling a significant reduction in operational expenditure as well as both maintaining operational continuity and enhancing the application of in-field experience,” said the company.
Azerbaijan's long history as an oil producing nation enables the company to call upon the significant in-country expertise and supply infrastructure should operational activities require third-party support or additional equipment in future, according to Zenith Energy.
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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