Zenith Energy hopes to boost oil output in Azerbaijan to 2,000 – 3,000 bpd

Baku, Azerbaijan, Sept.19

By Leman Zeynalova - Trend:

Canada’s Zenith Energy company, which is the operator for development of Muradkhanli-Jafarli-Zardab block of oil fields onshore Azerbaijan, is confident to boost the oil production at the block to 2,000-3,000 barrels per day, Trend reports citing the company CEO Andrea Cattaneo.

“We are confident that sometimes we can even hit 2,000 – 3,000 barrels per day of new flow from some wells. We have to expect that such a field can be developed by a junior company with its own drilling rig,” he told Proactive Investors.

He noted that at the moment the company is producing below 250 barrels per day at the block.

“C-30 civil works have started. This will require 30 days to complete the civil works and drying of the cement. Then in these 30 days we will finish the operations at C-37,” said Cattaneo.

He noted that after October of November, the company will rush to identify the location of its next well.

“We may move direction and we may decide to go for our first well either in Muradkhanli or Zardab. We will decide that very soon,” added Cattaneo.

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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