Baku, Azerbaijan, Aug.3
By Leman Zeynalova – Trend:
Gross production volumes for the second quarter 2018 with respect to the offshore block known as the Bahar project in Azerbaijan averaged 4,231 barrels of oil equivalent per day (boe/d), the US Greenfields Petroleum Corporation said in its report.
The volume of output at the offshore block has increased by 14 percent in comparison to the first quarter 2018 (3,720 boe/d).
“The positive production additions in 2018 continue to be attributable to recompletion success in the Gum Deniz oil field and the Bahar gas field,” said the report.
“The company is very appreciative of the support provided by our lenders during 2018 as we continue to restore and stabilize production while maintaining operating costs well under forecast," said Chief Executive Officer and President of Greenfields Petroleum Corporation John W. Harkins.
Greenfields is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in the Republic of Azerbaijan. The Company is the sole owner of Bahar Energy Limited (BEL), a venture with 80 percent participating interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement with the State Oil Company of Azerbaijan and SOCAR Oil Affiliate, in respect of the offshore block known as the Bahar Project, which includes the Bahar Gas Field and the Gum Deniz Oil Field. BEL operates the Bahar Project through its wholly owned subsidiary Bahar Energy Operating Corporation Limited.
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