Plans for oil and gas production at offshore block in Azerbaijan announced
Baku, Azerbaijan, May 25
By Maksim Tsurkov - Trend:
Bahar Energy operating company, which is developing an oil and gas block "Bahar – Gum Deniz" in the Caspian Sea, plans to produce more than 105.32 million cubic meters of gas in 2018, a source in the oil and gas market of Azerbaijan told Trend May 25.
The source noted that, the company predicts daily gas production at about 288,500 cubic meters.
"In general, in 2018, production from the gas field "Bahar" will be more than 105.32 million cubic meters. This gas is sold to SOCAR state company at a fixed price of $95 per 1,000 cubic meters," the source said.
The source further said that the company plans to produce 132,000 barrels of oil from the Gum Deniz field.
"Daily production is projected at 361 barrels per day. At the same time, the company has indicated in its plans that, the average price per barrel of oil will be $58.57, which means that the final income from the sale of oil will be higher than planned, given the current prices," the source said.
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.
The 100 percent shares of the operating company Bahar Energy Limited belongs to the US Greenfields Petroleum.
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