By Ayya Lmahamad
A new power generation equipment will be installed at Gum Deniz oil field in the Azerbaijani part of the Caspian Sea by American Greenfields Petroleum Corporation, Trend has reported.
The company will replace rented equipment for electricity generation with new purchased ones.
Work is also underway to reconstruct six wells equipped with submersible electric pumps at the South Gum Deniz oil field.
It should be noted that daily gross crude oil production at Gum Deniz oil field amounted to 661 barrels in the first quarter of 2020, which is by 1 percent higher than in the fourth quarter of 2019.
The average daily crude oil sales volume amounted to 574 barrels in the first quarter of 2020, which is an increase by 9 percent compared to the first quarter of 2019. In addition, the average price of oil sold was $29.74 per barrel in the first quarter of 2020, which is by 49 percent lower than the average price of $58.72 per barrel in the first quarter of 2019.
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. Greenfields Petroleum Corporation, through its wholly owned subsidiary Bahar Energy Limited, owns an 80 percent interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement with SOCAR and its affiliate SOCAR Oil Affiliate in respect of the offshore block known as Bahar Gum Deniz. The project consist of Bahar Gas Field and the Gum Deniz Oil Field.
The Bahar Project is located south of the Absheron Peninsula and a few kilometers to the east of Baku. Currently the Contract Rehabilitation Area includes 34 producing wells, 24 located in the Gum Deniz Oil Field producing crude oil with associated gas and 10 located in the Bahar Gas Field producing natural gas with condensate.
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, and has been on production since 1995. 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 structurally up-dip from the Bahar Gas Field. The fields are separated by a structural saddle.
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