Baku, Azerbaijan, Jan.13
By Aygun Badalova -Trend:
Up to eight additional wells are planned to be drilled under the Exploration, Rehabilitation, Development Production Sharing Agreement ("ERDPSA") in the Bahar and Gum Deniz offshore fields block in Azerbaijan, according to CEO of Greenfields Petroleum Corporation (Greenfields), John W. Harkins.
Greenfields is a junior oil and natural gas corporation focused on the development and production of proven oil and gas reserves principally in Azerbaijan.
Greenfields on its official website reported that Bahar Energy Operating Company (BEOC), the operating company of the Bahar project in Azerbaijan, exceeded the important milestone of maintaining production for 90 consecutive days at an average rate of 6,944 barrels of oil equivalent per day (Target Production Rate 1) under the "ERDPSA".
On January 10, 2014, BEOC informed the State Oil Company of Azerbaijan (SOCAR) that BEOC had maintained an average rate of 6,962 barrels of oil equivalent per day for the previous 90 consecutive days.
"This achievement guarantees the full production rights under the ERDPSA for the Contractor Parties. The Parties will continue to work to maximize production from the production area and a work program is in place which will permit the drilling of up to eight additional wells during 2014," Harkins said.
The contract on the block was signed between SOCAR (the State Oil of Azerbaijan) and Bahar Energy in 2009.
In turn, the Azerbaijani private company Baghlan Group owns an interest of 66.67 percent in Bahar Energy.
