Zenith Produces First Barrel of Oil under Zenith Aran Banner
Canadian Zenith Energy LTD has extracted the first oil from onshore Muradkhanli-Jafarli-Zardab block of fields in Azerbaijan.
According to Report, the daily output from the field made 300 oil barrels.
Zenith Energy Ltd has founded the Zenith Aran Oil Company Ltd in Azerbaijan. The works on the block of fields are operated by Zenith Aran Oil Company and Aran Oil founded by SOCAR.
On March 16, 2016 SOCAR and Zenith Aran Oil Company signed a deal on exploration, development and production sharing from the unit which comprises Muradkhanli, Jafarli and Zardab fields.
The deal was undersigned by SOCAR President Rovnag Abdullayev and Zenith Aran Oil Company's CEO Andrea Kattaneo.
Zenith holds a 80% share and SOCAR - 20%. The agreement was signed for 25 years. The total area of the fields reaches 642.5 sq.m.
Source Link: http://en.trend.az/business/energy/2550832.html
President of Azerbaijan approves PSA contract
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.
Source link: http://news.az/articles/official/109560
Junior E & P Company of 2016, The Oil & Gas Year Azerbaijan Award
Junior E & P Company of 2016 Award
The Oil & Gas Year, Azerbaijan 2016
In October 2015, Canada’s Zenith Energy acquired the Muradkhanli, Jaffarli and Zardab onshore oilfields under a 25-year PSA with SOCAR. The Company aims at increasing production at the oilfields, which cover 642.4 square kilometres and currently produce a combined 350 barrels per day. The latest junior exploration and production company to enter Azerbaijan’s oil and gas industry, Zenith Energy opens the path for the redevelopment of Azerbaijan’s onshore oil resources. The Company’s local subsidiary, Zenith Aran Oil Company, was officially established in January 2016.
Source: The Oil & Gas Year, Magazine
SOCAR and Zenith Aran Oil Company Ltd sign PSA
SOCAR and Canadian Zenith Aran Oil Company Limited have signed the Agreement on the Rehabilitation, Exploration, Development and Production Sharing for the Block including the Muradkhanli, Cafarli and Zardab Oil Fields in the Republic of Azerbaijan, SOCAR told Caspian Energy News (www.caspianenergy.net).
According to the document, Zenith and SOCAR will own 80% and 20% respectively. The duration of the PSA is 25 years. The three fields have a compounded acreage of 642.4 square kilometres, and produce ~350 barrels of crude oil per day at present. Natural gas is also produced, but in low quantity, and is used at the site. The block of fields is located at Imishli district of Azerbaijan.
SOCAR and Zenith reach agreement on oil fields Block in Azerbaijan
Baku. Agshin Rafigoglu - APA-Economics.
SOCAR and Zenith Aran Oil Company Limited have today signed an agreement on restoration, exploration, exploitation and production sharing of Muradkhanli-Jafarli-Zardab Block.
SOCAR President Rovnag Abdullayev gave detailed information about the regional and global projects implementing within Azerbaijan’s new energy strategy. Speaking about potential of the offshore fields of Azerbaijan, Abdullayev also noted that onshore crude oil and gas reserves are of great importance, underlined perspectives of Muradkhanli, Jafarli and Zerdab fields.
Andrea Cattaneo, CEO of Zenith Aran Oil Company Limited, expressed his satisfaction with starting operation in Azerbaijan, cooperation with SOCAR, and noted he believes that investing in our country will be continues.
Thereafter, SOCAR President Rovnag Abdullayev and Andrea Cattaneo signed the agreement on restoration, exploration, exploitation and production sharing of Muradkhanli-Jafarli-Zardab Block.
It was noted that Zenith has 80% equity, SOCAR’s Joint Oil Company – 20%. The agreement will be valid for 25 years. Currently, the daily production from the block makes 350 barrels of crude oil. The fields also produces small volume of gas which is consumed for field.
Zenith Aran Oil Company Limited is a joint company of Zenith Energy Ltd. Zenith Energy Ltd. is a Canadian publicly traded energy company, specialised in the exploration and production of oil & gas. Zenith’s main focus is the acquisition of large oil acreages in countries that offer foreign investors a strong protection of their assets and hold a business atmosphere that is conducive to profitable activity. The Company prefers to invest in areas where infrastructure already exists and to apply its expertise in modernizing pre-dating equipment and making oil practices more efficient.
SOCAR and Canada’s Zenith Aran Oil Company sign a contract in Muradkhanli
Baku, Fineko/abc.az. The State Oil Company of Azerbaijan (SOCAR) and the Zenith Aran Oil Company Ltd (Canada) signed a PSA contract on onshore oilfield block Muradkhanli-Jafarli-Zardab.
The contract was signed for 25 years. Zenith received 80% and SOCAR – 20% in the project.
The total area of the contract block – 642.4 sq km, the field are located in the territory of Imishli district.
Field Muradkhanly was discovered in 1971, Jafarli in 1984 and Zardab in 1981.
The residual reserves of the block are estimated in 1.8 million tons of oil and 36 million cu m of gas.
Presently, daily production on the oilfield block is 350 barrels and 77 wells are operating. Not large gas volumes, used for household and industrial needs, are also extracted on the block.
Source link: http://abc.az/eng/news/94912.html
Canadian oil company registered in Azerbaijan - 18 MAY 2016
Zenith Aran Oil Company Ltd., a subsidiary of Canada's Zenith Energy Ltd., has been registered in Azerbaijan, reports Vergiler newspaper of Azerbaijan's Ministry of Taxes.
Andrea Cattaneo is the company's legal representative in Azerbaijan.
The company was registered at: 15, Nobel Avenue, Khatai district, Baku, Azerbaijan.
Canadian Zenith Energy Ltd. established its subsidiary Zenith Aran Oil Company Ltd. for mining operations at Azerbaijan's three onshore oil fields.
Azerbaijan's state oil company SOCAR and Zenith Aran Oil Company signed March 16 an agreement on production sharing, restoration, development and exploration at the block of Muradkhanli, Jafarli and Zardab oil fields.
Under the agreement, the share of Zenith in the joint operating company accounts for 80 percent, while 20 percent is owned by SOCAR. The agreement was signed for 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.
Small volume of gas is also produced at the fields and is used in economic and industrial activities.
Source link: http://www.today.az/news/business/150846.html