Baku, Azerbaijan, Sept. 10
By Ilkin Shafiyev – Trend:
The entitlement share of sales volumes of the Greenfields Petroleum Corporation from Azerbaijan’s Bahar-Gum Deniz oil and gas block in the Caspian Sea resulted in a revenue of $9.1 million for the second quarter 2018, the company told Trend Sept. 10.
The Greenfields Petroleum Corporation owns 100 percent of shares of the Bahar Energy Operating Company Ltd., which is developing the block.
As compared to the same period in 2017, revenues increased 33 percent, according to the report.
Realized oil price averaged $66.44 for the second quarter 2018 and $64.97 year-to-date, an increase of 58 percent and 45 percent in comparison to average prices realized in the second quarter 2017 and year-to-date, respectively, the report said.
Operating costs were $5.1 million for the second quarter 2018 and $10.1 million year-to-date, and capital expenditures were $1.5 million for the second quarter and $2.9 million year-to-date.
After interest and depreciation expenses, the company realized a net loss of $0.9 million for the second quarter 2018 and $3.5 million year-to-date.
A contract for exploration, rehabilitation, development and production at Bahar and Gum Deniz was signed by Azerbaijan’s state oil company SOCAR (20 percent) and Bahar Energy (80 percent) in 2009.
The Bahar field, developed since 1969, is located 40 kilometers southeast of Baku.
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