Major events in Caspian countries' oil and gas industry for last week (June 27-July 1)

Analysis Materials 4 July 2016 16:18 (UTC +04:00)

Azerbaijani president approves new oil contract

Azerbaijan’s President Ilham Aliyev has approved a PSA-contract for production sharing, restoration, development and exploration at the onshore block of Muradkhanli, Jafarli and Zardab oil fields. The contract was signed between Azerbaijan’s state oil company SOCAR and Zenith Aran Oil Company Ltd. Canada’s Zenith Energy Ltd established its subsidiary Zenith Aran Oil Company Ltd for mining operations at three onshore oil fields of Azerbaijan.

The share of Zenith in the joint operating company is 80 percent and 20-percent share is owned by SOCAR, according to the contract. The duration of the agreement is 25 years.

The Muradkhanli, Jafarli and Zardab fields cover an area of 642.2 square kilometers.

France’s CIFAL interested in TAPI

French company CIFAL confirmed its intention to actively take part in implementation of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, the Turkmen government said. During a meeting in Ashgabat with Turkmen President Gurbanguly Berdimuhamedov, CIFAL Chairman and CEO Gilles Remy made concrete proposals on the issue.