Baku, Azerbaijan, May 23
By Maksim Tsurkov – Trend:
Canadian "Chapman Petroleum Engineering" company has carried out revaluation of stocks on the block of onshore oil fields "Muradkhanli-Jafarli-Zardab" in Azerbaijan, the operator of which is Zenith Aran Oil company, a source in Azerbaijan's oil and gas market told Trend May 23.
The source said the company conducted a revaluation based on the results of the last financial year, which, according to Zenith rules, ended on March 31, 2018.
"According to the results of the evaluation, the reserves of the 2P category (proven+probable) at the Muradkhanli-Jafarli-Zardab block amounted to 31.7 million barrels of oil. This is 0.4 million barrels of oil below the figures obtained in the previous assessment. At the same time proven reserves amount to 3.9 million barrels (3.5 million of them are not developed), and the probable reserves – 27.8 million barrels of oil," the source told Trend.
Chapman Petroleum Engineering has acted as the contractor for the revaluation of oil reserves in the fields operated by Zenith company.
The production sharing agreement about production, recovery, development and exploration on the onshore block of oil fields "Muradkhanli", "Jafarli" and "Zardab" was signed between Zenith and the Azerbaijani state company SOCAR in March 2016.
Zenith Energy Ltd established a subsidiary company Zenith Aran Oil Company Ltd for the implementation of the production operations on these three fields. Production under the agreement began in August 2016.
According to the agreement, Zenith's share in the joint operating company is 80 percent, and 20 percent belongs to SOCAR. The agreement is valid for 25 years with the possibility of extension for another 5 years.
The total area of the Muradkhanli, Jafarli and Zardab fields is 642.2 square kilometers, and according to the contract, it is divided into rehabilitation and exploration territories.
The Muradkhanli-Jafarli-Zardab block is located in the Yevlakh-Agjabedi oil and gas region of Imishli district of Azerbaijan.
The "Muradkhanli" field was discovered in 1971, "Jafarli" - in 1984, and "Zardab" - in 1981.
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