Baku, Azerbaijan, April 19
By Leman Zeynalova – Trend:
Bahar Energy Limited (BEL), wholly owned subsidiary of the US Greenfields Petroleum Corporation, entitlement sales volumes for the fourth quarter 2017 averaged 549 barrels per day for crude oil and 16,214 million cubic feet per day (mcf/d) for natural gas at Azerbaijan’s Bahar and Gum Deniz block, Trend learned from Greenfields Petroleum.
In comparison to the fourth quarter of 2016, average entitlement sales volumes decreased 15 percent for crude oil, 7 percent for natural gas and 8 percent for total boe/d, while year-to-date average entitlement volumes for crude oil decreased 18 percent, increased 6 percent for natural gas and increased 1 percent for total boe/d, said the company.
For the fourth quarter and year-to-date 2017, BEL realized an average oil price of $56.04 and $47.81, respectively, per barrel, according to Greenfields Petroleum.
“This reflects an increase from $42.99 (30 percent) and $37.52 (27 percent), respectively, per barrel for the same periods in 2016. BEL realized a natural gas price of $2.69 per mcf for the fourth quarter 2017 and $3.02 per mcf year-to date compared to $3.96 per mcf for the same periods in 2016. The gas price was contractually fixed at $3.96 per mcf in 2016 and renegotiated to a new 5-year term at $2.69 per mcf effective April 1, 2017,” said the company.
For the fourth quarter and year-to date 2017, the company realized a net loss of $2.2 million and $9.1 million, respectively, which represents a loss per share (basic and diluted) of $0.01 and $0.05, respectively, according to Greenfields Petroleum.
“In comparison, for the same periods in 2016, the Company realized a net loss of $4.6 million and net income of $99.2 million, respectively, with a loss per share (basic and diluted) of $0.03 and income per share (basic and diluted) of $1.52, respectively. In 2016 net income included $113.6 million of one-time net realized gains attributable to acquisition and restructuring transactions,” said the company.
The contract for exploration, rehabilitation, development and production at Bahar and Gum Deniz block of offshore fields was signed by Azerbaijan’s state oil company SOCAR (20 percent) and Bahar Energy (80 percent) in 2009. Bahar field, developed since 1969, is located in 40 kilometers south-east from Baku.
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