Canadian Zenith Energy LTD will start the deepening process at one of the wells in Jafarli field this week, the company said in a statement.
The company wants to deepen the C-37 well 30-40 meters from 3,987 meters. That is, all the layers of the Middle Eocene will be covered.
"Zenith Energy" believes that it will help preserve the major oil reserves and increase the performance of the adjacent C-22 well.
The next target is to deepen the C-37 well by 250-300 meters. The company will first conduct test checks in the top Crete and Eosend. These inspections are to end in 30 days.
Zenith Energy LTD has purchased $ 250,000 spare part for improving the drilling rigs and preventing possible failures.
Andrea Cattaneo, chief executive officer of the company, said that drilling activities at the BD-260 field lasted longer:
"We look forward to seeing our company achieve a successful outcome."
It should be noted that on March 16, 2016, SOCAR and Zenith Aran Oil Company Ltd. signed a memorandum on restoration, exploration, development and production sharing (PSA) of the block of Muradkhanli-Jafarli-Zardab oil fields. The agreement was ratified by the Azerbaijani Milli Majlis on June 14, 2016. Extraction from the fields started on August 11, 2016.
Zenith owns a 80% share, and a joint venture owned by SOCAR has a 20% stake. The agreement will be valid for 25 years and the agreement can be extended for 5 years. The total area of deposits is 642.4 sq. km.