Azerbaijan’s President Ilham Aliyev has approved a PSA-contract for production sharing, restoration, development and exploration at the onshore block of Muradkhanli, Jafarli and Zardab oil fields.
The contract was signed between Azerbaijan’s state oil company SOCAR and Zenith Aran Oil Company Ltd. Canada’s Zenith Energy Ltd established its subsidiary Zenith Aran Oil Company Ltd for mining operations at three onshore oil fields of Azerbaijan.
The PSA-contract was ratified by the Azerbaijani parliament on June 14, 2016.
The share of Zenith in the joint operating company is 80 percent and 20-percent share is owned by SOCAR, according to the contract. The duration of the agreement is 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 of oil.
- Global Soundscapes Festival – Из Канады в Азербайджан
- Memory of victims of January 20 tragedy honored in Azerbaijan’s Shusha city
- Thirty-one years have passed since the bloody 20 January
- Karabakh to become ecotourism center of regional importance – Association of Hotels and Restaurants of Azerbaijan
- Шуша станет одним из символических городов азербайджанского туризма