Baku, Azerbaijan, Sept. 29
By Maksim Tsurkov - Trend:
Gulf Drilling Azerbaijan, an Azerbaijani subsidiary of the UAE service company Gulf Drilling Supply FZE, can take part in development of the Bahar and Gum Deniz oil and gas fields' block in the Caspian Sea's Azerbaijani sector, the subsidiary's director, Ilham Babayev told Trend.
He said that currently talks are underway with Bahar Energy Ltd. on this issue.
"We are negotiating with the field's operator. Our company specializes in drilling, but we are working on various options for cooperation as part of the Bahar-Gum Deniz project," said Babayev.
Bahar Energy Ltd. was established by the US-based Greenfields Petroleum and Baghlan Group.
Earlier on Sept. 28, Greenfields Petroleum President John Harkins said in Baku that as of now Baghlan Group is in the process of liquidation, and given this, its stake will be transferred to another company.
He added that Greenfields Petroleum is currently consulting with Azerbaijan's state oil company SOCAR to determine who will be the new partner for the block's development.
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 PSA's second part involves an exploration at the Bahar-2 structure.
Bahar Energy Ltd., according to initial estimates, will invest $1 billion for implementation of works under the PSA.
Bahar field, located 40 km southeast of Baku, the capital of Azerbaijan, has been developed since 1969.
Edited by SI
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