Canada's Zenith Energy eyes to increase oil output to 1,000 bpd onshore Azerbaijan
Canada’s Zenith Energy company, which is the operator for development of Muradkhanli-Jafarli-Zardab oil field onshore Azerbaijan, intends to increase oil output to 1,000 barrels per day (bpd) by late 2019, CEO of Zenith Andrea Cattaneo said.
"If the production increases by 700 barrels per day and reaches 1,000 barrels per day by end of 2019, this will create a surplus of gain. Making an increase of production will not require much marginal cost. There will be a very good influx of cash when we produce 1,000 barrels per day," he told Total Market Solutions.
"As soon as we finish C-37 in a month, we will go to C-30 in 15 days. We will announce soon the preparation of well site. Then we will together with SOCAR select the exact location of Zen-1, which will be very much influenced by the results of C-37 and C-30," he added.
SOCAR and Zenith Aran Oil Company signed a Rehabilitation, Exploration, Development and Production Sharing Agreement (REDPSA) in March 2016. Zenith holds an 80% participating interest in the three fields within the contract area. The agreement is for 25 years, with a potential extension by five additional years.