Baku. 19 May. REPORT.AZ/ Canadian company Zenith Energy Ltd, the dual listed international oil & gas production company has announced the appointment of Michael Palmer to the position of Chief Operating Officer of Zenith's operations (in “Murakhanli-Jafarli-Zardab” oil fields) in Azerbaijan.
Report informs referring to the company's report.
It was noted that Mr. Palmer has 37 years of experience in the oil industry as head of production operations, exploration and field development, as he has worked in Azerbaijan, Kazakhstan, Russia, Ukraine, Syria, Indonesia, Gabon, Guinea, and US: "One of M. Palmer's most important achievements was the successful management of operations at an onshore oilfield in Azerbaijan operated by an international oil production company. Under Mr. Palmer's management of this field, operations were economically successful and production increased from approximately 1,500 barrels oil/day to 7,500 barrels oil/day. Following this success, the asset was sold and M. Palmer left his position.
Zenith CEO Andrea Cattaneo commented: "I am very pleased to announce the appointment of Michael Palmer as COO for Azerbaijan. Michael has an impressive track record and his considerable technical experience in oil & gas operations, specifically in Azerbaijan, will be greatly beneficial to Zenith. I am confident that this appointment will add significant impetus to our endeavors and will further enhance the strength of our management team”.
New Chief Operating Officer M. Palmer told that he sees significant potential for the company's assets in Azerbaijan.
Notably, Canadian Zenith Energy Ltd. has established Zenith Aran Oil Company Ltd in Azerbaijan. Operations on the block of deposits are conducted by Aran Oil, established by Zenith Aran Oil Company and State Oil Company of the Azerbaijan Republic (SOCAR). On March 16, 2016, SOCAR and Zenith Aran Oil Company Ltd signed an agreement on exploration, development and distribution of production (PSA) from the block, which includes the Muradkhanli, Jafarli and Zardab fields. The agreement was ratified by Milli Majlis (Azerbaijani Parliament) on June 14, and the field development began on August 11, 2016.
The share of Zenith is 80%, SOCAR - 20%. 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.