Baku, Azerbaijan, Nov.6
By Leman Zeynalova – Trend:
Revenues of the US Greenfields Petroleum Corporation from offshore block known as the Bahar project in Azerbaijan, stood at $8 million for the third quarter 2018 and $24.2 million year-to-date, the company said in its report.
As compared to the same periods in 2017, revenue increased 24 percent and 7 percent, respectively, according to the company’s data/
Greenfields Petroleum said that sales volumes from the project averaged 561 barrels per day for crude oil and 17,742 mcf/d for natural gas or 3,518 boe/d in the third quarter of 2018 and 636 bbl/d, 16,965 mcf/d (thousand cubic feet per day) or 3,463 boe/d (barrels of oil per day) year-to-date 2018.
“Realized oil price averaged $69.65 per barrel for the third quarter 2018 and $66.43 per barrel year-to-date, an increase of 47 percent and 46 percent in comparison to the same periods in 2017. The price of natural gas has been contractually fixed at $2.69/mcf since April 1, 2017,” said the report.
The company said that operating costs were $5.6 million for the third quarter 2018 and $15.7 million year-to-date, compared to $4.8 million and $16.1 million, respectively, for the same periods in 2017.
“Capital expenditures were $1.8 million for the third quarter and $4.8 million year-to-date, compared to expenditures of $1.8 million and $5.5 million, respectively, for the same periods in 2017,” said the report.
Greenfields Petroleum Corporation is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in Azerbaijan. Through its wholly owned subsidiary Bahar Energy Limited (BEL), the corporation owns an 80 percent interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement (the “ERDPSA”) with the State Oil Company of Azerbaijan ("SOCAR") and its affiliate SOCAR Oil Affiliate (“SOA”) in respect of the offshore block known as Bahar Gum Deniz (the “Bahar Project”) which includes the Bahar Gas Field and the Gum Deniz Oil Field.
The Bahar Gas Field consists of 45 offshore platforms including a central processing and metering platform to gather the gas for onward transport through a three 12-inch pipelines to the shore-based gas and liquid handling facilities. The platforms, in most cases are built on 24 to 30 pilings each in an average water depth of about 16 metres.
A total of 203 wells were drilled in Bahar Gas Field prior to 2010. More than 100 of these wells remain available for BEOC to utilize at its discretion in current or future operations. Currently 10 of these wells are producing natural gas.
---
Follow the author on Twitter: @Lyaman_Zeyn
