State Oil Company of Azerbaijan (SOCAR) and Zenith Aran Oil Company Limited, a subsidiary of Canada’s Zenith Energy, inked an oil deal on Wednesday, according to SOCAR.
The agreement was signed by SOCAR President Rovnag Abdullayev and the Zenith Energy CEO Andrea Cattaneo in Baku, and includes production sharing, rehabilitation, exploration and development activities on the Muradkhanli, Cafarli and Zardab oil fields in Azerbaijan for a period of 25 years.
In accordance with the agreement, the stake of Zenith Energy will be 80 percent and SOCAR will retain a 20 percent stake.
The three oil fields cover an area of approx. 642 square kilometers and currently produce 350 barrels per day.
By Ugur Ertas
Anadolu Agency
ugur.ertas@aa.com.tr