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Technical consultant announces plans for Azerbaijani oil and gas field development

Oil&Gas Materials 2 July 2011 14:10
Oil production within the "Phase 1" plan for the rehabilitation of the Azerbaijani "Gum Deniz" field is estimated at 207 million barrels of oil, and gas - 16.6 billion cubic meters. It was stated in a report of Greenfields Petroleum Corporation posted on its official website.

Azerbaijan, Baku, July 2 /Trend, A.Badalova /
Oil production within the "Phase 1" plan for the rehabilitation of the Azerbaijani "Gum Deniz" field is estimated at 207 million barrels of oil, and gas - 16.6 billion cubic meters. It was stated in a report of Greenfields Petroleum Corporation posted on its official website.
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.
"Phase-1" of the "Gum Deniz" field development program consists of four parts.
The first part of the program includes the optimization of oil production from 24 operating wells, as well as replacement of the old pipes and placement of downhole electric submersible pumps.
The second part of the program envisages re-completing 25 wells.
The third part of the program includes predrilling new shafts at four existing wells. Bahar Energy also plans to build and install five new offshore platforms on the "Gum Deniz" field.
The fourth part of the "Gum Deniz" field development program envisages drilling of about 36 new operation wells.
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.
Gum Deniz has operated since 1955 and is located 21 kilometers southeast of Baku. So far, the field has produced exceeded 28 million tons of oil and 27 billion cubic meters of gas.

SOCAR share is 20 percent, while Bahar Energy Limited- 80 percent.

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