Baku, Azerbaijan, Nov. 22
By Maksim Tsurkov – Trend:
Bahar Energy Ltd Operating Company increased the sale of natural gas extracted from Azerbaijan’s Bahar-Gum Deniz oil and gas block operated by the company in the Caspian Sea by 11 percent in January-September 2017, a source in the country’s oil and gas market told Trend Nov. 22.
In January-September 2017, daily volumes of oil and gas sales by Bahar Energy Ltd averaged 651 barrels of oil and 474,800 cubic meters of gas, according to the source.
“Compared with the indicators of January-September last year, the volume of oil sales decreased by 19 percent, and the sales of natural gas grew 11 percent,” the source said.
The source added that the average cost of the sold oil was $46.47 per barrel, while during the same period of 2016 it was $36.91 per barrel.
“Regarding gas, starting from April 1, 2017, it is sold at a price set in an updated contract with SOCAR (Azerbaijan’s state oil company), which is $95 per 1,000 cubic meters,” the source said. “Considering that until April 2017 gas was sold at a different price, its average price in January-September amounted to $110.18 per 1,000 cubic meters. In general, the company’s net loss in January-September 2017 amounted to $6.88 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.
A 100-percent stake in Azerbaijan’s Bahar Energy Ltd Operating Company is owned by the US Greenfields Petroleum Corporation.
---
Follow the author on Twitter: @MaksimTsurkov
