Greenfields Petroleum reduces sales volumes from Bahar-Gum Deniz block
Baku, Azerbaijan, Aug. 27
By Leman Zeynalova - Trend:
Sales volumes of the US Greenfields Petroleum Corporation from Azerbaijan’s Bahar-Gum Deniz block averaged 686 barrels per day for crude oil and 17,228 thousand cubic feet per day (mcf/d) for natural gas, 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).
These volumes stood at 606 bbl/d and 15,894 mcf/d YTD 2019, according to the report.
As compared to Q2/18, sales volumes decreased 9 percent for crude oil and 6 percent for natural gas. This is while YTD 2019 sales volumes in comparison to YTD 2018, decreased 10 percent for crude oil and 4 percent for natural gas.
The Corporation's entitlement share of sales volumes resulted in revenue of $8.08 million in Q2/19 and $14.43 million YTD 2019, a decrease of 11 percent relative to Q2/18 and 11 percent respect to YTD 2018.
Realized oil price averaged $60.80/bbl for Q2/19 and $59.87/bbl YTD 2019, a decrease of 9 percent and 8 percent in comparison to an average price of $66.44/bbl and $64.97/bbl in Q2/18 and YTD 2018, respectively. The price of natural gas has been fixed at $2.69/mcf 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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