BAKU, Azerbaijan, June 9
By Fidan Babayeva - Trend:
The production volume of the State Oil Fund of Azerbaijan (SOFAZ) at the Bahar oil field reached 180,000 barrels of oil in Azerbaijan in 2020, Trend reports referring to the conclusion of the Chamber of Accounts of Azerbaijan on the execution of the SOFAZ budget for 2020.
Oil production in 2020 was by 25 percent less than the projected volume.
In monetary terms, oil production at the Bahar field in 2020 amounted to $150,000.
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 southeast 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.
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