Canada-based Zenith Energy was declared to be planning to impose hikes on oil production in Muradkhanli-Jafarli-Zardab oil field onshore Azerbaijan to stand at 1,000 barrels per day (bpd) by the end of this year, Report informs referring to foreign media.
CEO of Zenith Andrea Cattaneo affirmed that "If the production increases by 700 barrels per day and reaches 1,000 barrels per day by end of 2019, this will create a surplus of gain."
"Making an increase of production will not require much marginal cost. There will be a very good influx of cash when we produce 1,000 barrels per day," the chief noted.
Notably, on March 16, SOCAR and Zenith Aran Oil Company Ltd. signed the Production Sharing Agreement (PSA) on restoration, exploration, development of the block which includes oil fields Muradkhanli-Jafarli-Zardab. The agreement was signed by SOCAR President