...

Volume of oil, gas output at Azerbaijani block revealed

Oil&Gas Materials 22 November 2017 13:00 (UTC +04:00)

Baku, Azerbaijan, Nov. 22

By Maksim Tsurkov – Trend:

The daily production of hydrocarbons in the Azerbaijani block of oil and gas fields , Bahar-Gum Deniz, in the Caspian Sea averaged 672 barrels of oil per day and 535,190 cubic meters of gas in 3Q17, a source on Azerbaijan’s oil and gas market told Trend.

The source said that oil output decreased by 14.2 percent and gas output – by 6 percent in 3Q17 as compared to 2Q17.

“In general, the average daily oil production stood at 773.3 barrels, gas output totaled about 563,500 cubic meters in January-September 2017. The production was affected by the slower pace of the planned repairs, due to limited access to large-capacity vessels, lower than expected recovery rates, as well as the slow pace of installation of electric submersible pumps in the southern part of Gum Deniz,” noted the source.

In the third quarter of 2017, operating expenses of Bahar Energy were 18 percent lower than that planned in the budget, according to the source. Capital expenses were also significantly lower than those indicated in the budget due to a reduction in the volume of capital projects or their deferral.

“The operator completed two capital overhaul and seven maintenance overhaul at the Gum Deniz oil field in the 3Q17. Two additional overhauls are being carried out at the Bahar gas field, which are expected to be completed in December 2017,” added the source.

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.

An 80-percent stake in Azerbaijan’s Bahar Energy Ltd Operating Company is owned by the US Greenfields Petroleum Corporation and a 20-percent stake – by SOCAR.

---

Follow the author on Twitter: @MaksimTsurkov

Latest

Latest