First oil within framework of an international agreement extracted in Azerbaijan

Baku. 25 August. REPORT.AZ/ As part of the international agreement Canadian company Zenith Energy Ltd. extracted first oil from the fields located at the onshore block Muradkhanli-Jafarli-Zardab in Azerbaijan. Report informs, the daily production was 300 barrels of oil.

Notably, company Zenith Energy Ltd. established the company Zenith Aran Oil Company Ltd in Azerbaijan.

Operations on the block are conducted by Aran Oil founded by Zenith Aran Oil Company and  SOCAR.

The State Oil Company of Azerbaijan (SOCAR) and the Zenith Aran Oil Company Ltd (Canada) signed a PSA contract on onshore oilfield block Muradkhanli-Jafarli-Zardab on March 16, 2016. The agreemen was signed by SOCAR President Rovnag Abdullayev and CEO of Zenith Aran Oil Company Andrea Cattaneo.

The contract was signed for 25 years. Zenith received 80% and SOCAR – 20% in the project.

The total area of the contract block – 642.4 sq km, the field are located in the territory of Imishli district.

Field Muradkhanly was discovered in 1971, Jafarli in 1984 and Zardab in 1981.