Azerbaijani president approves new oil contract

Tue 28 Jun 2016 04:30 GMT | 08:30 Local Time

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The PSA-contract was ratified by the Azerbaijani parliament on June 14, 2016.

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, according to Trend.

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.

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