Canada’s Zenith reveals volume of oil sales from Azerbaijani assets

Baku, Azerbaijan, Nov.16

By Leman Zeynalova – Trend:

During the three and six months ended September 30, 2018 the Canada’s Zenith Energy company sold 18,813 and 38,695 barrels of oil from its assets in Azerbaijan, as compared to 19,292 and 42,682 barrels of oil sold in the 2017 similar period, the company said.

Zenith Energy, which is the operator of Azerbaijan’s Muradkhanli-Jafarli-Zardab block, said in its interim report that at the end of September 2018, there were 140 barrels of unsold oil production in Azerbaijan held in inventory which were sold in subsequent months.

During the financial year ended March 31, 2018, the Group produced 97,471 barrels of oil and sold 81,745 barrels of oil from its assets in Azerbaijan.

“There is no exact comparative data for the year ended March 31, 2017 because the effective handover data, and the consequent beginning of operations was August 11, 2016,” said Zenith Energy.

The company said that one workover rig is active at the block at present.

“A further new workover rig has been purchased and is scheduled to be operational during the beginning of 2019. Additional equipment may be purchased or contracted as required to optimize field redevelopment.”

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 oil fields. Zenith Energy Ltd established its subsidiary company Zenith Aran Oil Company Ltd for production operations in these three fields. Production under the agreement began in August 2016.

The term of the REDPSA is 25 years from the date of SOCAR’s approval of the contractor’s development program. The term of each Area may be extended by an additional five years at the option of SOCAR.

The Company sells its oil through SOCAR’s Marketing and Operations Department (“SOCARMO”). A related commission of 1 percent on total oil sales is payable by the Company to SOCARMO.

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

The total area of the Muradkhanli, Jafarli and Zardab fields is 642.2 square kilometers, and according to the contract, it is divided into rehabilitation and exploration territories.

The Muradkhanli-Jafarli-Zardab block is located in the Yevlakh-Agjabadi oil and gas region of Imishli district of Azerbaijan. The Muradkhanli field was discovered in 1971, Jafarli - in 1984, and Zardab - in 1981.

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Follow the author on Twitter: @Lyaman_Zeyn

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