Greenfields Petroleum Corporation, engaged in the development and production of oil and gas reserves in Azerbaijan, has revealed the volumes of its output and revenues for the second quarter of the year.
Crude oil production at Gum Deniz oil field amounted to 813 barrels per day in the second quarter of 2019, the company said in a message. The output increased by 22 percent compared to the first quarter of this year.
During the reporting period, 12 wells were repaired and facilities were put into operation. Four more wells were under repair by late June.
In the second quarter of 2019, the volume of daily gas production at the Bahar field increased by 11 percent compared to the first quarter and amounted to 20.596 million cubic feet. Major repairs were completed in B182 and B205 wells during the reporting period.
Greenfields Petroleum Corporation’s revenues reached $14.43 million in sales from Bahar gas and Gum Deniz fields in the first half of this year. This is 11 percent less than in the first half of 2018.
Some $8.08 million of revenues accounted for the second quarter, which is 11 percent less than in the same period last year.
Greenfields owns Bahar Energy Ltd., which is developing the oil and gas block including Bahar and Gum Deniz deposits in the Azerbaijani sector of the Caspian Sea.
The company owns 80 percent stake in the Bahar and Gum Deniz fields. The remaining 20 percent is owned by SOCAR.
Previously, SOCAR signed a production sharing agreement (PSA) with Bahar Energy Ltd. for exploration, rehabilitation, development and extraction at the Bahar-Gum Deniz block.
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 Bahar gas field consists of 45 offshore platforms, including a central processing and metering platform to gather gas for onward transport through 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 meters.
Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888
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