Azerbaijan increases oil production within one of PSA-contracts
Baku, Azerbaijan, Nov.20
By Maksim Tsurkov - Trend:
In the third quarter of 2015, average daily oil production on the block of Bahar and Gum Deniz offshore fields, developed under the PSA-contract, increased by 4 percent - up to 1,334 barrels per day, the report of the US company Greenfields Petroleum Corporation said Nov.20.
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.
In the second quarter of 2015, production volumes totaled 1,353 barrels per day, according to the report.
In the third quarter of 2015, an overhaul of 6 oil wells was carried out on the block.
The report also said that the average daily gas production at the Bahar field decreased by 33 percent - up to 17.81 million cubic meters per day.
Production declines have been affected by delays in the Bahar workover program due to the limited access to heavy crane vessels to move workover rigs, according to the report.
ERDPSA was signed by the State Oil Company of Azerbaijan (SOCAR) and Bahar Energy in 2009.
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.
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