BAKU, Azerbaijan, Aug.21
By Leman Zeynalova – Trend:
The US-based Greenfields Petroleum Corporation has restarted offshore activities in July 2020 on a limited basis, John Harkins, CEO of the company said, Trend reports.
“Following on the positive results of 2019, Greenfields was well positioned for 2020. However, the event surrounding the COVID-19 virus, and the rapid decline in the world oil prices have caused the Company to refocus our efforts in the first half of 2020 as follows: 1. All non-critical employees have remained at home consistent with Government mandated quarantine regime through August 5, 2020. 2. The Company has suspended all offshore activities and is focused on reducing all operating cost including restructuring the organization and reducing salary, as necessary. Offshore activities restarted in July 2020 on a limited basis. 3. The Company is working with the limited staff to maintain both oil and gas production in a safe manner and at level comparable to year end 2019,” he noted.
The report released by the company shows that the impact of the COVID-19 pandemic has been significant in the resource industry.
“Most notably, the work is being done using physical distancing guidelines. The COVID-19 pandemic is present in the country in which the Company operates, with cases being reported in Azerbaijan. At this time, the Company has activated business continuity practices across the site. Management will continue to monitor developments across the jurisdiction and will adjust its planning as necessary. An outbreak of the pandemic may have going concern consequences on the business,” reads the report.
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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