Greenfields Petroleum announces sales volumes from Bahar-Gum Deniz block

Oil&Gas Materials 30 May 2019 13:43 (UTC +04:00)

Baku, Azerbaijan, May 30

By Leman Zeynalova – Trend:

Greenfields Petroleum’s entitlement share of sales volumes from the offshore block known as the Bahar project in Azerbaijan resulted in revenue of $6.3 million in the first quarter of 2019, a 10 percent decrease relative to revenue of $7 million in the first quarter of 2018, Trend reports citing the US Greenfields Petroleum Corporation, which is the operator of the Bahar-Gum Deniz block through its subsidiary Bahar Energy Limited (BEL).

“Sales volumes averaged 525 barrels per day for crude oil and 14,545 cubic feet per day (411.86 cubic meters per day) for natural gas in the first quarter of 2019. As compared to the first quarter of 2018, sales volumes decreased 12 percent for crude oil, 2 percent for natural gas,” reads the report from Greenfields Petroleum Corporation.

The company said that realized oil price averaged $58.72 per barrel for first quarter of 2019, a 7 percent decrease in comparison to an average price of $63.11 per barrel in first quarter of 2018.

The price of natural gas has been fixed at $2.69 per thousand feet since April 1, 2017.

Greenfields Petroleum Corporation is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in Azerbaijan. Through its wholly owned subsidiary Bahar Energy Limited (BEL), the corporation owns an 80 percent interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement (the “ERDPSA”) with the State Oil Company of Azerbaijan ("SOCAR") and its affiliate SOCAR Oil Affiliate (“SOA”) in respect of the offshore block known as Bahar Gum Deniz (the “Bahar Project”) which includes the Bahar Gas Field and the Gum Deniz Oil Field.

The Bahar Project is operated by BEOC, a wholly owned subsidiary of BEL, under the terms of a Joint Operating Agreement.

The Bahar Gas Field consists of 45 offshore platforms including a central processing and metering platform to gather the gas for onward transport through a three 12-inch pipelines to the shore-based gas and liquid handling facilities. The platforms, in most cases are built on 24 to 30 pilings each in an average water depth of about 16 metres.

The Gum Deniz Oil Field is located south of the Absheron peninsula, 21 km south of Baku, between Gum Island and the Bahar Gas Field. The Gum Deniz Oil Field extends from onshore Gum Island, which is 2.5 km from the mainland to the south in the Caspian Sea. The Gum Deniz Oil Field is found along the Fatmai–Gum Adasi anticlinal trend which includes the Bahar and Shakh Deniz structures. Oil in the Gum Deniz Oil Field is trapped in a north-south trending structure that is approximately 16 kilometres in length and 3 kilometres in width. The Gum Deniz Oil Field is structurally up-dip from the Bahar Gas Field.


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