Baku, Azerbaijan, Dec. 17
By Maksim Tsurkov – Trend:
Bahar Energy Company will submit a new plan for the development of Azerbaijan’s Bahar-Gum Deniz oil and gas block in the Caspian Sea, operated by Bahar Energy, to Azerbaijan’s state oil company SOCAR, in early 2018, a source in the Azerbaijani oil and gas market told Trend.
According to the source, at present, Bahar Energy is working on the research of dynamic reservoir models for the further development of Bahar and Gum Deniz fields, which should be completed in early 2018.
"The options for the development of Bahar and Gum Deniz fields will be thoroughly assessed as a result of these studies,” the source said. “There is a need for over 50 additional well recompletion at the Bahar gas field, which will continue production.”
Moreover, the studies have revealed the potential for recovery of production at both Bahar and Gum Deniz fields,” the source said. “Optimal variants of development are being considered. A new development plan will be submitted to SOCAR after the completion of research in early 2018."
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.