Baku, Azerbaijan, Nov.6
By Leman Zeynalova - Trend:
Capital expenditures of Bahar Energy Operating Company (BEOC), subsidiary of the US Greenfields Petroleum Corporation have increased by 6 percent for the third quarter of 2018, as compared to the same period in 2017, according to the report released by Greenfields Petroleum Corporation.
The company said that BEOC operating costs were $6.5 million and $18.5 million, respectively, for the third quarter and year-to-date 2018.
“Administrative expenses for the third quarter and year-to-date 2018 were $0.7 million and $2.9 million, respectively, reflecting an increase of 4 percent and 28 percent, respectively, in comparison to the same periods in 2017. The increases in administrative expenses are due to higher professional and technical fees in connection with ongoing corporate initiatives,” said the report.
BEOC’s capital expenditures were $2.1 million and $5.5 million, respectively, for the third quarter and year-to-date 2018, according to the data of Greenfields Petroleum Corporation.
“In comparison to the same periods in 2017, capital expenditures increased 6 percent and decreased 7 percent, respectively. While capital expenditures increased slightly during the third quarter, the year-to-date decrease experienced in 2018 mostly relates to the delay in carrying out workovers and recompletions for the south Gum Deniz due to the late delivery of heavier rigs ordered 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. 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.
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