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SOFAZ receives bonus within Azerbaijani oil contract

Economy Materials 28 August 2015 15:33 (UTC +04:00)
The Bahar Energy company has paid a bonus worth $2 million to the State Oil Fund of Azerbaijan (SOFAZ) as part of PSA-contract for the development of Bahar and Gum Deniz offshore deposits in the Azerbaijani sector of the Caspian Sea

Baku, Azerbaijan, Aug. 28

By Maksim Tsurkov - Trend:

The Bahar Energy company has paid a bonus worth $2 million to the State Oil Fund of Azerbaijan (SOFAZ) as part of PSA-contract for the development of Bahar and Gum Deniz offshore deposits in the Azerbaijani sector of the Caspian Sea, the report of the US Greenfields Petroleum Corporation said August 28.

Greenfields is a co-owner of Bahar Energy Operating Company, which is the operator of the of the Bahar project within a PSA agreement signed for the exploration, rehabilitation, development and production (ERDPSA) at the Bahar and Gum Deniz fields. ERDPSA was signed by the State Oil Company of Azerbaijan (SOCAR) and Bahar Energy in 2009.

The report said that the bonus was paid due to the 1.5 times increase in production on the field.

"This payment allowed Bahar Energy to secure its rights for exploration, rehabilitation, development and production on the block, which includes Bahar and Gum Deniz offshore deposits until 2035," the report said.

The private Azerbaijani company Baghlan Group owns a 66.67 percent stake in Bahar Energy, and the remaining 33.33 percent is owned by the US Greenfields Petroleum Corporation.

Edited by CN

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Follow the author on Twitter: @MaksimTsurkov

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