Baku, Azerbaijan, Sept. 29
By Maksim Tsurkov – Trend:
Bahar Energy Ltd, which develops an oil and gas block in Azerbaijan that includes the Bahar and Gum Deniz fields in the Azerbaijani sector of the Caspian Sea, has forecasted net profit of $6.2 million in 2017, a source in the country’s oil and gas market told Trend Sept. 29.
In the company’s updated budget, operating costs are planned at $27.9 million in 2017, according to the source. Capital expenditure is projected at $18.8 million, the source said.
“Thus, the total volume of expenditure is planned at $46.7 million in 2017,” the source noted. “Revenues are projected at $52.9 million.”
Azerbaijan’s state oil company SOCAR signed a PSA in 2009 with Bahar Energy Ltd. for exploration, rehabilitation, development and extraction at the Bahar-Gum Deniz block.
An 80-percent stake in Azerbaijan’s Bahar Energy Ltd Operating Company is owned by the US Greenfields Petroleum Corporation and a 20-percent stake – by SOCAR.
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