Canadian company discloses figures of output from onshore field in Azerbaijan

Baku. 17 November. REPORT.AZ/ In April-September 2017, Canadian Zenith Energy Ltd. company produced 47,954 barrels of oil from onshore "Muradkhanli-Jafarli-Zardab" fields block in Azerbaijan.

Report informs citing the company.

23,095 barrel of this volume was produced in July-September.

There were 2,588 barrels of unsold oil production to late September which was sold in subsequent period.

Notably, on March 16, 2016, SOCAR and Zenith Aran Oil Company Ltd signed an agreement in Baku on restoration, exploration, development and distribution of production (PSA) of the block, which includes "Muradkhanli-Jafarli-Zardab" oil fields. The agreement was ratified by Azerbaijan's Milli Majlis on June 14, 2016. Production from the fields began on August 11, 2016.

Zenith owns 80% share, joint oil company fully owned by SOCAR 20% share. The agreement is signed for a period of 25 years with the possibility of an extension for another 5 years. The total area of the fields is 642.4 square km.