Baku, Azerbaijan, Aug.15
By Ilkin Shafiyev – Trend:
Canadian Zenith Energy company, which is the operator of the Muradkhanli-Jafarli-Zardab land oil field block in Azerbaijan, has recorded a profit of 472,000 Canadian dollars ($361,000) from activities in the country for April-July 2018, the company told Trend Aug. 15.
The company's revenues from activities in Azerbaijan during the reporting period amounted to 1.662 million Canadian dollars ($1.271 million), the message says.
Azerbaijan’s state oil company SOCAR and Zenith Energy Ltd. 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.
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-Agjabadi 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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