Azerbaijani president approves new oil contract
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.