Azerbaijan unveils 2021 forecast for oil production from Bahar field
BAKU, Azerbaijan, Jan. 6
By Fidan Babayeva – Trend:
Oil production at the Azerbaijani ‘Bahar’ oilfield is forecast to equal 240,000 barrels in 2021, Trend reports.
This is stated in the conclusion of the Accounts Chamber of Azerbaijan on the draft budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2021.
According to the data, the projected oil production volume relative to 2020 remained unchanged. In 2019, oil production reached 200,000 barrels.
The contract for exploration, restoration, development and production at the ‘Bahar’ and ‘Gum Deniz’ block of offshore fields was signed by SOCAR (20 percent of the share) and Bahar Energy (80 percent of the share) in 2009.
The Bahar field has been in development since 1969 and is located 40 kilometers south-east of Baku.
Greenfields Petroleum Corporation specializes in the development and production of proven oil and gas reserves mainly in Azerbaijan. Through its subsidiary Bahar Energy Limited (BEL), the corporation owns an 80 percent stake in the Agreement on exploration, rehabilitation, development and production sharing with the State Oil Company of Azerbaijan (SOCAR) and its branch SOCAR Oil Affiliate in the Bahar-Gum-Deniz block.