Baku. Agshin Rafigoglu – APA-Economics.
SOCAR and Zenith Aran Oil Company Limited have today signed an agreement on restoration, exploration, exploitation and production sharing of Muradkhanli-Jafarli-Zardab Block.
SOCAR President Rovnag Abdullayev gave detailed information about the regional and global projects implementing within Azerbaijan’s new energy strategy. Speaking about potential of the offshore fields of Azerbaijan, Abdullayev also noted that onshore crude oil and gas reserves are of great importance, underlined perspectives of Muradkhanli, Jafarli and Zerdab fields.
Andrea Cattaneo, CEO of Zenith Aran Oil Company Limited, expressed his satisfaction with starting operation in Azerbaijan, cooperation with SOCAR, and noted he believes that investing in our country will be continues.
Thereafter, SOCAR President Rovnag Abdullayev and Andrea Cattaneo signed the agreement on restoration, exploration, exploitation and production sharing of Muradkhanli-Jafarli-Zardab Block.
It was noted that Zenith has 80% equity, SOCAR’s Joint Oil Company – 20%. The agreement will be valid for 25 years. Currently, the daily production from the block makes 350 barrels of crude oil. The fields also produces small volume of gas which is consumed for field.
Zenith Aran Oil Company Limited is a joint company of Zenith Energy Ltd. Zenith Energy Ltd. is a Canadian publicly traded energy company, specialised in the exploration and production of oil & gas. Zenith’s main focus is the acquisition of large oil acreages in countries that offer foreign investors a strong protection of their assets and hold a business atmosphere that is conducive to profitable activity. The Company prefers to invest in areas where infrastructure already exists and to apply its expertise in modernizing pre-dating equipment and making oil practices more efficient.