Greenfields Petroleum Corporation announces 2015 budget for Bahar project in Azerbaijan

Oil&Gas Materials 30 January 2015 11:33 (UTC +04:00)

Baku, Azerbaijan, Jan. 30


Bahar Energy Operating Company (BEOC) has announced a 2015 budget for the Bahar project in Azerbaijan, including gross operating costs of $37.8 million and gross capital costs of $31 million, Greenfields Petroleum Corporation said in its report.

"This budget is focused on continued growth of oil and gas production through workovers and recompletions on the oil and gas fields," the report said.

The 2015 budget anticipates average production of approximately 29.6 millions of cubic feet per day (mmcf/d) and 1,475 barrels per day (bbl/d) or 6,408 barrels of oil equivalent per day (boe/d).

Greenfields is a junior oil and natural gas corporation focused on the development and production of proven oil and gas reserves principally in Azerbaijan.

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 3-D seismic survey continued through January 2015, the report said. It is anticipated that the Operator will complete the survey in February with approximately 96 square kilometers of the survey acquired.

This 3-D seismic will be processed on an expedited basis by PSG Kahzar in Baku for use in targeting additional development well take points in the Gum Deniz oil field. The Operator intends to tender for drilling rigs in mid-2015 to support an active drilling program in 2016.