BAKU, Azerbaijan, Apr.5
By Leman Zeynalova - Trend:
Azerbaijan’s state oil company SOCAR is preparing an action plan to increase production at Muradkhanli oil field, Ibrahim Ahmadov, deputy head of the public relations and events department at SOCAR told Trend.
He pointed out that currently SOCAR’s Azneft production union continues development work at Muradkhanli and Jafarli fields.
“Muradkhanli field has enough recoverable oil reserves and well fund, which paves way for boosting production in this field. We are preparing an action plan for this purpose,” said Ahmadov.
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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