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Probable, proved undeveloped reserves of Greenfields Petroleum revealed

Oil&Gas Materials 22 July 2020 13:22 (UTC +04:00)
Probable, proved undeveloped reserves of Greenfields Petroleum revealed

BAKU, Azerbaijan, July 22

By Leman Zeynalova – Trend:

Proved undeveloped light and medium crude oil reserves of the US-based Greenfields Petroleum Corporation (GPC) stood at 7,560 Mbbls as of 2019, Trend reports citing the company.

As for the previous years, the company’s proved undeveloped light and medium crude oil reserves are estimated as follows: 7,669 Mbbls in 2018 and 4,598 Mbbls in 2017.

This is while proved undeveloped natural gas liquids reserves of GPC stood at 336 Mbbls in 2019, 455 Mbbls in 2018 and 295 Mbbls in 2017.

Proved undeveloped natural gas reserves are estimated at 14,798 MMcf in 2019, 25,442 MMcf in 2018 and 13,433 MMcf in 2017.

Proved undeveloped reserves are generally those reserves related to wells that have been tested and not yet tied in, wells drilled near the end of the fiscal year or wells further away from GPC gathering systems. In addition, such reserves may relate to planned infill drilling locations.

Probable undeveloped light and medium crude oil reserves amounted to 5,614 Mbbls in 2019, 9,373 Mbbls in 2018 and 4,012 Mbbls in 2017.

Probable undeveloped natural gas liquids reserves were estimated at 501 Mbbls in 2019, 478 Mbbls in 2018 and 23 Mbbls in 2017.

Probable undeveloped natural gas reserves stood at 71,400 MMcf in 2019 and 19,527 MMcf in 2018.

Probable undeveloped reserves are generally those reserves tested or indicated by analogy to be productive, infill drilling locations and lands contiguous to production.

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.

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Follow the author on Twitter: @Lyaman_Zeyn

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