Baku, Azerbaijan, Feb.26
By Leman Zeynalova – Trend:
Canadian GLJ Petroleum Consultants company has calculated the amount of investments needed to move the reserves of Azerbaijan’s Bahar-Gum Deniz block of oil and gas fields from the category of proven developed non-extractive to the category of proven developed extractive reserves in the next five years, a source in Azerbaijan’s oil and gas market told Trend.
The source said that GLJ estimates the future development costs necessary to convert the proven undeveloped and developed non-recoverable reserves into extractive reserves at $262 million.
"It is necessary to make investments in drilling work on two territories with proven undeveloped reserves and re-completion of 49 wells at Bahar gas field, drilling on 10 territories with proven undeveloped reserves and re-completion of 21 wells in the Gum Deniz oil field, drilling two more producing and three water injection wells and re-completion of 17 production and four water injection wells at Gum Deniz”, said the source.
GLJ consultants believe that the abovementioned activities will be carried out in the next five years, added the source.
The contract for exploration, rehabilitation, development and production at Bahar and Gum Deniz block of offshore fields was signed by Azerbaijan’s state oil company SOCAR (20 percent) and Bahar Energy (80 percent) in 2009. Bahar field, developed since 1969, is located in 40 kilometers south-east from Baku.
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