Major events in Caspian countries' oil and gas industry for last week (March 14-18)
SOCAR inks deal with Canada's Zenith Energy
Azerbaijan's state oil company SOCAR and Zenith Aran Oil Company, a subsidiary of Canada's Zenith Energy, signed an agreement on production sharing, restoration, development and exploration at the block that includes Muradkhanli, Jafarli and Zardab oil fields. The Muradkhanli, Jafarli and Zardab fields cover an area of 642.2 square kilometers. Currently, the average daily oil production at these fields is 350 barrels.
Small volume of gas is also produced at the fields and is used in economic and industrial activities.
Terms of bond issuance for Southern Gas Corridor defined
Azerbaijan's Southern Gas Corridor Company has released initial price thoughts for a ten-year bond at seven percent yield area, Global Capital agency reported.
Depending on market conditions, the SGC's bond offering under the state guarantee is forecasted at the level of $1 billion. Floatation is provided for the financing of Shah Deniz-2 and South Caucasus Pipeline (SCP) projects and Trans Anatolian (TANAP) and Trans Adriatic (TAP) pipelines.
Earlier, the Azerbaijani government held road shows of bonds for the SGC in the world's major financial centers - London, New York, Los Angeles, San Francisco and Boston.
The international ratings agency Fitch Ratings has assigned CJSC Southern Gas Corridor's (SGC) senior unsecured Eurobonds a 'BB+(EXP)' expected foreign currency long-term rating.