Reserves of first stage of developing Bahar field announced

Oil&Gas Materials 1 July 2011 18:44 (UTC +04:00)

Azerbaijan, Baku, July 1 / Trend A. Badalova /
The total production is estimated at 4.3 trillion cubic feet of gas (122 billion cubic meters) and 84 million barrels of condensate within the first phase of the rehabilitation plan of the "Bahar" field. These estimates are contained in Greenfields Petroleum Corporation's report on the official website of the company.

Greenfields Petroleum Corporation has 33.33 percent of Bahar Energy company the operator of the offshore field "Bahar" within the PSA agreement for the exploration, rehabilitation, development and production at the fields "Bahar" and "Gum Deniz". It acts as its technical consultant.

The first part of the field development program includes the installation of compressors and expansion of the pipeline to improve the level of production, the optimization of 16 existing wells, the modernization of the selected platforms and equipment.

The second part of the development program consists of developing additional proven undeveloped reserves.

The third part of the program includes drilling a new shaft at six wells to reach the layers, which have not been perforated yet.

Previously, SOCAR signed a PSA contract with the company Bahar Energy Limited for the exploration, rehabilitation, development and production on the block, which also includes offshore fields of Bahar and Gum Deniz. The contract was ratified by the Azerbaijani Parliament.
According to initial estimates, Bahar Energy Limited will invest $1 billion to conduct work under the contract.