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Azerbaijan’s commitments approved

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Azerbaijan's Cabinet of Ministers has approved the government's commitments on production sharing, restoration, development and exploration at the block that includes Muradkhanli, Jafarli and Zardab oil fields within the framework of the agreement between Azerbaijan's state oil company SOCAR and Zenith Aran Oil Company, the cabinet's website reported April 30.


SOCAR and Zenith Aran Oil Company, a subsidiary of Canada's Zenith Energy, signed March 16 an agreement on production sharing, restoration, development and exploration at the block that includes Muradkhanli, Jafarli and Zardab oil fields.

Under the agreement, the share of Zenith in the joint operating company accounts for 80 percent, while 20 percent is owned by SOCAR. The agreement was signed for 25 years.

The Muradkhanli, Jafarli and Zardab fields cover an area of 642.2 square kilometers. Currently, the average daily oil production at these fields is 350 barrels.

Small volume of gas is also produced at the fields and is used in economic and industrial activities.

Date
2016.05.01 / 15:49
Author
Axar.az
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