Zenith Energy announces time of starting well deepening in Azerbaijan

Baku, Azerbaijan, May 16

By Leman Zeynalova – Trend:

Canada’s Zenith Energy, which is the operator for development of Muradkhanli-Jafarli-Zardab oil fields onshore Azerbaijan, will start the deepening of C-37 well in Jafarli field in June, Chief Executive Officer of Zenith Energy Andrea Cattaneo told DirectorsTalk, Trend reports.

“I think that the most important element of news in our activity in Azerbaijan is the arrival in the month of April of the rig and all its complete set for drilling operations. In the next two days, there will be continuous assembling of this huge equipment able to drill 4500 meters. This is permitting us to start the drilling campaign, which we start first with two easier works, with deepening of 500 meters each, deepening first well C-37 in Jafarli field and then C-40 in the same field,” said Cattaneo.

He pointed out that Zenith Energy operates three fields, forming the largest onshore acreage of Azerbaijan of 642 square kilometers of development land, not exploration land.

“So we have huge reserves and with the arrival of the rig, we think we can finally start a serious drilling campaign that will permit to exploit these reserves. The C-37 will start in June. Deepening of 500 meters will not take more than a month,” added CEO of 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 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.

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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