Baku, Azerbaijan, May 21
By Maksim Tsurkov - Trend:
In 2017, Azerbaijan received about $4 million in revenues from production and payment of royalties within the project to develop the Bahar and Gum Deniz block of offshore fields, a source in the country's oil and gas market told Trend on May 21.
The source said that in 2017, the project operator Bahar Energy paid about $3.43 million to Azerbaijan's state oil company SOCAR as royalties, which make up 10 percent of the sold oil and gas volumes.
"In addition, transfers from the production of profitable oil and gas to Azerbaijan's state oil fund SOFAZ amounted to $403,950, and SOCAR Oil Affiliate (subsidiary of SOCAR) - $164,990.Thus, the total amount of these payments was over $3,996 million," the source said.
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.
The 100 percent shares of the operating company Bahar Energy Limited belongs to the US Greenfields Petroleum.
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