TODAY.AZ / Business

Zenith Energy further increases flow rate at Azerbaijani oilfield

21 October 2017 [11:22] - TODAY.AZ
By Trend

Canada’s Zenith Energy has announced a further update on the production from well C-21 in Azerbaijan’s Jafarli onshore oil field.

Zenith Energy is the operator of Azerbaijan’s largest onshore block of oil fields Muradkhanli-Jafarli-Zardab.

The most recent production tests carried out recorded a stabilized flow rate from well C-21 averaging approximately 50 barrels of oil per day, said the message from the company.

Earlier, Zenith said well C-21 in Azerbaijan's Jafarli field is flowing at an increased rate of 35 barrels of oil per day following the identification of an additional 7.8 meters of unexploited pay zones.

"We are already assessing a number of other wells across the field where we can replicate the highly successful outcomes accomplished at C-21 and C-26, and, in so doing, successfully work towards achieving our production objective of 1,000 barrels of oil per day by 31 March 2018," said Mike Palmer, chief operating officer of Zenith’s local wholly-owned subsidiary in Azerbaijan, Zenith Aran.

Azerbaijan’s state oil company SOCAR and Zenith Aran Oil Company signed a Rehabilitation, Exploration, Development and Production Sharing Agreement (REDPSA) in March 2016 for a block that includes the Muradkhanli, Jafarli and Zardab oilfields. These fields cover an area of 642.2 square kilometers. Production under the agreement began in August of 2016.

Zenith holds a 80-percent participating interest in the three fields within the contract area, while SOCAR retains the remaining 20 percent. The duration of the agreement is 25 years, with a potential extension of 5 additional years.

URL: http://www.today.az/news/business/166026.html

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