Iran completes drilling operations in phases 20&21 of South Pars gas field
Iran finalized drilling operations in South Pars Gas field's phases 20 and 21, oil ministry's SHANA news agency reported. Currently some 15 wells are ready for production in phases 20 and 21 and seven wells are also under completion. The completion operations will be finalized by July in Phase 21 and by September in Phase 20 respectively.
Azerbaijani parliament ratifies new oil contract
Azerbaijan's parliament has ratified the PSA on production sharing, restoration, development and exploration at the block that includes Muradkhanli, Jafarli and Zardab oil fields. The agreement was signed between SOCAR (State Oil Fund of the Azerbaijan Republic) and Zenith Aran Oil Company. Under the agreement, the share of Zenith in the joint operating company accounts for 80 percent, while 20 percent is owned by SOCAR. The agreement was signed for 25 years.