BAKU, Azerbaijan, July 20
By Leman Zeynalova – Trend:
Total proved gross lease light and medium crude oil reserves of Greenfields Petroleum Corporation, a production focused company with operating assets in Azerbaijan stood at 17,025 Mbbls as of December 31, 2019, Trend reports with reference to the company’s data.
The company’s proved developed producing light and medium crude oil gross lease reserves amounted to 880 Mbbls, while developed and non-producing underdeveloped reserves equaled to 6,695 Mbbls and 9,450 Mbbls respectively.
Probable reserves amounted to 17,154 Mbbls, while possible reserves stood at 26,744 Mbbls.
Total Proved plus Probable plus Possible reserves equaled to 60,924 Mbbls as of December 31, 2020.
When coming to net reserves, total proved reserves amounted to 11,032 Mbbls, proved developed producing and developed reserves stood at 805 Mbbls and 4,108 Mbbls, respectively.
Non-producing undeveloped reserves equaled to 6,119 Mbbls, while probable reserves amounted to 5,614 Mbbls.
Total Proved plus Probable plus Possible reserves amounted to 22,777 Mbbls.
Gross Lease Reserves are Bahar Energy’s working interest and marketable share of the Rehabilitation Area’s reservoir volumes before deduction of royalties and government’s share of production.
Net Reserves are Bahar Energy’s Gross Lease Reserves after deduction of royalties and government’s share of production.
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.
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