Azerbaijan’s state energy company SOCAR is going to sign a production-sharing agreement with Canada’s Zenith Energy on the development of three onshore oilfields in Azerbaijan, SOCAR CEO Rovnaq Abdullayev said.
President Ilham Aliyev has already approved the deal, Abdullayev said, adding that the contract is ready to be signed.
The three fields have a compounded acreage of 642.4 square kilometres, and produce ~315 barrels of crude oil per day at present, although they have produced larger quantities previously.
Gas is also produced, but in low quantity, and is used at the site. The fields are named Muradkanly, Jafarli and Zardab.
Zenith will be the operator of the concession and will have an 80% interest, while the local state party will retain 20%. The license will have a duration of 25 years. Zenith's technical personnel have already been allowed access to the fields to inspect the current operation and evaluate the existing infrastructure.
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