Greenfields Petroleum increases capex in Bahar-Gum Deniz
By Leman Zeynalova – Trend:
BAKU, Azerbaijan, Aug.13
The capital expenditure (capex) of the US-based Greenfields Petroleum in Azerbaijan stood at $663,000 in the first quarter of 2020, as compared to $617,000 in the same period of 2019, Trend reports referring to the company’s data.
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 company’s revenues from the oil and gas sale from the block in the first quarter of 2020 stood at $5.537 million, as compared to $6.348 million in the same period of 2019.
Greenfields Petroleum’s expenses in Azerbaijan totaled $8.443 million, including operating expenses - $5.976 million, marketing and transportation - $25,000 and depreciation and amortization - $ 2.442 million.
The company’s loss from operating activities in Azerbaijan amounted to $2.906 million in Q1 2020, as compared to $949,000 in Q1 2019.
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