Azerbaijan, Baku, Dec. 22 / Trend E.Ismayilov /
Today, the State Oil Company of the Azerbaijan Republic (SOCAR) signed a PSA contract with Bahar Energy Limited for the exploration, rehabilitation and development of the Bahar and Gum Deniz offshore fields in the Azerbaijan sector of the Caspian Sea.
SOCAR head Rovnag Abdullayev and Bahar Energy Limited CEO Richard McDougall signed the agreement in Baku.
Bahar Energy Limited was registered in the Jebel Ali Free Trade Zone in the UAE. SOCAR signed a memorandum of understanding with the firm April 16.
Gum Deniz has operated since 1955 and is located 21 kilometers southeast of Baku. So far, the field has produced about 28.9 million tons of oil and 27 billion cubic meters of gas.
Bahar has operated since 1969 and is located 40 kilometers southeast of Baku. So far, the field has produced over 16.8 million tons of oil and approximately 128.7 billion cubic meters of gas.
During the next five years, experts predict a decline in gas production at Bahar of 15 percent and in condensate production of 10 percent. SOCAR considers feasible stabilizing oil production and increasing residual hydrocarbon reserves by attracting foreign capital to rehabilitation programs in the short-term at these fields.
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