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Output volume decreases within Azerbaijani oil project

Oil&Gas Materials 3 May 2016 12:57

Baku, Azerbaijan, May 3

By Maksim Tsurkov - Trend:

The average daily volume of oil and condensate output at Azerbaijan's Bahar and Gum Deniz block of offshore fields dropped by one percent - to 1033 barrels per day in 2015, said the report of the US Greenfields Petroleum Corporation.

Greenfields Petroleum Corporation is the co-owner of Bahar Energy company, which is an operator of Bahar offshore field within the production sharing agreement (PSA) for exploration, rehabilitation, development and extraction of oil and gas at Bahar and Gum Deniz block of fields, as well as operates as the technical consultant.

The output volume was 1024 barrels per day in the fourth quarter of 2015, said the report.

Sixteen wells were overhauled at the block in 2015.

The report also said that the average daily output of gas at Bahar field decreased by 30 percent - to 524,000 cubic meters per day.

"The delay in implementing the wells' overhauling had an impact on decline of the gas output level at Bahar field," said the report.

Azerbaijan's state oil company SOCAR signed a PSA in 2009 with Bahar Energy Ltd. for exploration, rehabilitation, development and extraction at the Bahar-Gum Deniz block.

In March, the US Greenfields Petroleum Corporation signed an agreement to acquire a 66-percent stake in Azerbaijani Bahar Energy Limited Operating Company.

Edited by SI

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Follow the author on Twitter: @MaksimTsurkov

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