SOCAR makes final payment to Canadian oil company

The State Oil Company of Azerbaijan (SOCAR) has made a final payment of US $ 480,000 to Canada's Zenith Energy for the production of the Muradkhanli-Jafarli-Zardab onshore oil fields block, Report states, citing the Canadian company.

Thus, the Canadian company Zenith Energy has completed the handover process over the Contract Rehabilitation Area for Muradkhanli-Jafarli-Zardab onshore oil fields block to SOCAR.

Earlier it was informed that as a result of the delivery, Zenith stopped oil production in Azerbaijan, and about 170 employees were transferred to SOCAR.

On March 16, 2016, SOCAR and Zenith Aran Oil Company Ltd signed an agreement on the rehabilitation, exploration, development, and production sharing (PSA) of the block, including the Muradkhanli-Jafarli-Zardab oil fields. The Azerbaijani Parliament ratified the agreement on June 14, 2016. Production from the fields began on August 11, 2016.