Canadian Zenith Energy LTD has extracted the first oil from onshore Muradkhanli-Jafarli-Zardab block of fields in Azerbaijan.
According to Report, the daily output from the field made 300 oil barrels.
Zenith Energy Ltd has founded the Zenith Aran Oil Company Ltd in Azerbaijan. The works on the block of fields are operated by Zenith Aran Oil Company and Aran Oil founded by SOCAR.
On March 16, 2016 SOCAR and Zenith Aran Oil Company signed a deal on exploration, development and production sharing from the unit which comprises Muradkhanli, Jafarli and Zardab fields.
The deal was undersigned by SOCAR President Rovnag Abdullayev and Zenith Aran Oil Company’s CEO Andrea Kattaneo.
Zenith holds a 80% share and SOCAR – 20%. The agreement was signed for 25 years. The total area of the fields reaches 642.5 sq.m.
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