Zenith Energy reveals volume of sales from Azerbaijani assets
BAKU, Azerbaijan, Feb.17
By Leman Zeynalova – Trend:
During the three and nine months period ended December 31, 2019, Canada’s Zenith Energy company sold 17,857 and 56,980 barrels of oil from its assets in Azerbaijan, Trend reports with reference to the company.
During the period, the company produced 18,597 and 58,993 barrels of oil from its assets in Azerbaijan, reads the consolidated report released by Zenith Energy.
Zenith Energy is engaged in the development of Azerbaijan’s Muradkhanli-Jafarli-Zardab block of fields.
Azerbaijan’s state oil company SOCAR and Zenith Aran Oil Company signed a 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.
As for Italy, during the period, the company sold 3,892 and 9,419 mcf of natural gas from its Italian assets.
“It sold 2,805 and 8,253 MWh of electricity from its Italian electricity production assets. During the period, the Ccmpany sold 208 and 208 bbls of condensate from its Italian assets,” reads the report.
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