Baku, Azerbaijan, July 31
By Leman Zeynalova – Trend:
Canada’s Zenith Energy company has sold 20,233 barrels of oil from its assets in Azerbaijan, in the three months ended June 30, 2019, as compared to 23,495 barrels in the same period in 2018, Trend reports citing the company, which is the operator for development of Muradkhanli-Jafarli-Zardab oil fields onshore Azerbaijan.
Moreover, the company sold 2,867 (2018 - 1,337) million cubic feet of natural gas from its Italian production assets, in the three months ended June 30, 2019.
Zenith Energy sold 2,779 (2018 - 2,684) MWh of electricity from its Italian assets, in the three months ended June 30, 2019.
“During the three months ended June 30, 2019, the Group incurred CAD$936k of Administrative Expenses compared to CAD$3,160k incurred in the 3 months ended June 30, 2018,” said 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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