TODAY.AZ / Business

Canadian oil company registered in Azerbaijan

18 May 2016 [17:55] - TODAY.AZ

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.

/By Trend/


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