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 Priduction Sharing Agreement (PSA) on restoration, exploration, development of the block which includes oil fields Muradkhanli-Jafarli-Zardab. The agreement was signed by SOCAR President Rovnag Abdullayev and Zenith Aran Oil Company Limited CEO Andrea Kattaneo with Zenith holding 80% and SOCAR-owned Joint Oil Company having 20% share. The agreement will be valid through 25 years. Muradkhanli-Jafarli-Zardab oilfields cover a total area of 642.4 square kilometers.