Zenith Energy transporting drilling rigs outside of Azerbaijan

Zenith Energy transporting drilling rigs outside of Azerbaijan

BAKU, Azerbaijan, Nov.24

By Leman Zeynalova – Trend:

Canadian Zenith Energy’s 1,200hp drilling rig (ZEN-260), as well as ancillary drilling equipment, has been successfully transported outside of Azerbaijan, where it had previously been deployed for drilling activities, Trend reports citing the company.

“It is currently being held at a port storage facility, ready for immediate transportation, whilst the company awaits clarity on its respective future oil and gas production and exploration activities in the Republic of the Congo and the Republic of Tunisia,” said the company.

Zenith Energy’s A-100 375hp workover rig (A-100) is operational and has undergone certain modifications to render it more suited to its intended operational activities. It is currently located in Azerbaijan. The company is evaluating, in consideration of its recent acquisitions, where and how it can be best deployed and will advise the market accordingly in due course.

The A-80 workover rig (A-80) was inherited by the company from Azerbaijan’s state oil company SOCAR at no cost following the commencement of operational activities in Azerbaijan. In accordance with the terms of the REDPSA, the A-80 was returned to SOCAR upon completion of the handover of the Contract Rehabilitation Area, announced to the market on June 25, 2020.

Zenith Energy Ltd. announced that in agreement with Azerbaijan’s state oil company SOCAR, the Contract Exploration Area (CEA) of its 25-year REDPSA (Rehabilitation, Exploration, Development and Production Sharing Agreement) has been terminated.

Following the termination of the CEA, the company no longer has any oil production or exploration interests in the Republic of Azerbaijan.

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.

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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