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Natural gas liquids reserves of Greenfields Petroleum in Azerbaijan disclosed

Oil&Gas Materials 20 July 2020 17:42
Natural gas liquids reserves of Greenfields Petroleum in Azerbaijan disclosed

BAKU, Azerbaijan, July 20

By Leman Zeynalova – Trend:

Total proved gross lease natural gas liquids reserves of Greenfields Petroleum Corporation, a production focused company with operating assets in Azerbaijan stood at 957 Mbbls as of December 31, 2019, Trend reports with reference to the company’s data.

The company’s proved developed producing natural gas liquids reserves amounted to 90 Mbbls, while developed and non-producing underdeveloped reserves equaled to 447 Mbbls and 420 Mbbls respectively.

Probable reserves amounted to 1,186 Mbbls, while possible reserves stood at 1,089 Mbbls.

Total Proved plus Probable plus Possible reserves equaled to 3,232 Mbbls as of December 31, 2020.

When coming to net reserves, total proved reserves amounted to 641 Mbbls, proved developed producing and developed reserves stood at 83 Mbbls and 271 Mbbls, respectively.

Non-producing undeveloped reserves equaled to 287 Mbbls, while probable reserves amounted to 501 Mbbls.

Total Proved plus Probable plus Possible reserves amounted to 1,510 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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Follow the author on Twitter: @Lyaman_Zeyn

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