SOCAR and Canadian Zenith Aran Oil Company Limited have signed the Agreement on the Rehabilitation, Exploration, Development and Production Sharing for the Block including the Muradkhanli, Cafarli and Zardab Oil Fields in the Republic of Azerbaijan, SOCAR told Caspian Energy News (WWW.CASPIANENERGY.NET).
According to the document, Zenith and SOCAR will own 80% and 20% respectively. The duration of the PSA is 25 years. The three fields have a compounded acreage of 642.4 square kilometres, and produce ~350 barrels of crude oil per day at present. Natural gas is also produced, but in low quantity, and is used at the site. The block of fields is located at Imishli district of Azerbaijan.