Canadian Zenith Energy to produce oil in Azerbaijan

ShahdenizCanadian company to produce oil in Azerbaijan.

The Canadian Zenith Energy Ltd. has formed a wholly-owned subsidiary, Zenith Aran Oil Company Ltd for oil production in the central region of Azerbaijan, where its three producing fields are located, Canada’s Stockhouse financial portal reported.

These three fields are Muradkanly, Yafarli and Zardob with e a compounded acreage of 642.4 square kilometers. Currently, the oil production from these fields is nearly 350 barrels of crude oil per day, although they have historically produced larger volumes. Gas is also produced, but in low quantity, and is used at the site.

This local identification is considered important to management, and indicative of both Zenith’s long term commitment to Azerbaijan and plan to exclusively focus on the recently acquired fields, according to the report.

“Having a wholly-owned subsidiary fully dedicated to this project is a strategy that has proven to attract significant local expertise and enabled Zenith to effectively integrate new methods, technologies and personnel.”

Zenith Aran Oil Company Ltd. will continue to operate from the parent company’s branch office Azure Plaza in Baku.

Azerbaijani management familiar with the properties will initially be supplemented by new technical and operational personnel from Zenith, however the company will also begin to actively identify international management and specialists willing to relocate to Azerbaijan as part of its strategy to grow domestic production.

The company and its advisors are currently focusing on coordinating the official handover of operations to Zenith Aran Oil Company. In cooperation with the various Ministries and local entities, Zenith has made significant progress in dealing with matters not only pertaining to production and future development, but items dealing with human resources including taxation, employment and labor and environmental accounting.

Zenith will be the operator of the concession and will have an 80 percent interest, while the local state party will retain 20 percent. The license will have duration of 25 years and has the capacity to be extended for an additional five year period.


About Azeri America
Azeri America is an online News and Informational Website. Founded in 2009 in Farmington, CT, USA. Azeri-America covering all the latest news on Azerbaijani – U.S and Azerbaijani – Canadian relations. Latest Azeri Community news and events in USA & Canada. Azerbaijani community informational website about many aspects of life in Canada and USA. Provides services and support to the Azerbaijani Immigrant Community in USA and Canada. We would like to invite you to discover the broad range of services on our website and learn more about political, cultural, and economic life in Azerbaijan. You will also find information about the activities and events of Azerbaijani Community organizations in USA & Canada. Azeri America - an online guide to all Azerbaijani News – Reviews – Events – Businesses in USA & Canada.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: