22 September 2019

Zenith Energy eyes to increase oil output to 1,000 bpd

Home page Economy
12 Punto 14 Punto 16 Punto 18 Punto

Canada’s Zenith Energy company, which is the operator for development of Muradkhanli-Jafarli-Zardab oil field onshore Azerbaijan, intends to increase oil output to 1,000 barrels per day (bpd) by late 2019. reports citing Trend.

"If the production increases by 700 barrels per day and reaches 1,000 barrels per day by end of 2019, this will create a surplus of gain. Making an increase of production will not require much marginal cost. There will be a very good influx of cash when we produce 1,000 barrels per day," he told Total Market Solutions.

Talking about the newly commenced deepening operations at C-37 well of Jafarli field, Cattaneo said that this deepening will bring two results: achieving the production similar to C-22 (700 barrels per day or more) and then going deeper.

"As soon as we finish C-37 in a month, we will go to C-30 in 15 days. We will announce soon the preparation of well site. Then we will together with SOCAR select the exact location of Zen-1, which will be very much influenced by the results of C-37 and C-30," he added.

Azerbaijan’s state oil company SOCAR and Zenith Aran Oil Company signed a Rehabilitation, Exploration, Development and Production Sharing Agreement (REDPSA) in March 2016 for a block that includes the Muradkhanli, Jafarli and Zardab oil fields. Zenith Energy Ltd established its subsidiary company Zenith Aran Oil Company Ltd for production operations in these three fields. Production under the agreement began in August 2016.

Zenith holds an 80-percent participating interest in the three fields within the contract area, while SOCAR retains the remaining 20 percent. The agreement is for 25 years, with a potential extension by five additional years.

2019.08.18 / 22:57
See also

Saudi Aramco notifies Tokyo of possible changes in oil supplies

Turkish president attends Teknofest

Putin may hold a meeting foreign currency earnings

1st Ukraine-Russia gas talk ends without agreement

5,300 new companies started in August

Azerbaijani currency rates

Russia ready to reserve capacity of Ukraine's gas transportation

The final price of oil

Azerbaijani currency rates

Fed cuts rates on 7-3 vote, gives mixed signals on next move

Xocalı soyqırımı — 1992-ci il Bağla
Bize yazin Bağla