Development plan to be submitted for oil and gas production at offshore block in Azerbaijan
Baku, Azerbaijan, June 1
By Maksim Tsurkov - Trend:
Bahar Energy Company will present a new plan to Azerbaijan's state oil company SOCAR for development of the oil and gas block Bahar – Gum Deniz in the Caspian Sea, operated by Bahar Energy company, by the end of summer, a source in the Azerbaijani oil and gas market told Trend on June 1.
Previously, the plan was expected to be submitted in mid 2018.
"Bahar Energy continues to work with SOCAR to draft a prudent development plan under the PSA for the Bahar-Gum Deniz. Bahar Energy plans to submit the development plan in late summer 2018," the source said.
Until then, Bahar Energy should complete the work on study of dynamic models of the reservoir collector Bahar and Gum Deniz.
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.
Follow the author on Twitter: @MTsurkovTrend