Baku, Azerbaijan, Feb. 17
By Maksim Tsurkov - Trend:
The process of selecting a new partner of the US Greenfields Petroleum company in the Bahar Energy project to develop oil and gas block, which includes Bahar and Gum Deniz deposits in the Azerbaijani sector of the Caspian Sea, has been delayed, a source on the oil and gas market of Azerbaijan told Trend.
Earlier it was expected that the company, which will receive 66.67 percent share of the bankrupt Baghlan Group, will be determined by late January 2016, according to the source.
"However, the process was delayed," said the source. "Greenfields Petroleum still expects a confirmation from the State Oil Company of Azerbaijan (SOCAR). However, negotiations continue, and the final decision will be made soon."
Earlier, SOCAR signed a PSA contract with Bahar Energy Limited for the exploration, rehabilitation and development of the Bahar and Gum Deniz offshore fields in the Azerbaijan sector of the Caspian Sea.
Under the second part of the contract, which involves the exploration of the Bahar-2 structure, plans include drilling one exploration well in three years and another in the fourth year. According to preliminary calculations, Bahar Energy Limited's investment volume for 25 years will amount to $1 billion.
Bahar has operated since 1969 and is located 40 kilometers southeast of Baku.
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