State Oil Fund of Azerbaijan talks revenues from development of oil, gas fields
The volume of revenues obtained within development at Azerbaijan's Bahar offshore field amounted to $150,000 in the first quarter 2020, a source in State Oil Fund of Azerbaijan (SOFAZ) told local media.
“"Within the Shirvan onshore field development project, SOFAZ received $1.7 million," the source said.
According to the source, SOFAZ received $150,000 from the development of the Neftchala onshore field.
The contract for exploration, rehabilitation, development and production at the Bahar offshore field was signed by Azerbaijan's State Oil Company SOCAR (20 percent share) and Bahar Energy Ltd. (80 percent share) in 2009.
Greenfields Petroleum Corporation of the US owns 100 percent of the shares of the Bahar Energy Limited operating company.
The Bahar Gas Field is located in shallow water 40 km southeast of Baku, offshore in the South Caspian Basin. The field was discovered in 1968 and production began in 1969.