The joint venture — led by Zenith’s local subsidiary Zenith Aran Oil Company and with Socar holding a 20% stake — was recently granted a 25-year exploration and development licence for the 642 square-kilometre block.
About 350 barrels per day of oil are now being produced at the block, where reserves are estimated at about 13 million barrels of crude and 36 million cubic metres of gas.
