BAKU, Azerbaijan, Aug.20
By Leman Zeynalova – Trend:
Re-development of South Gum Deniz oil field in Azerbaijan is moving forward with six wells equipped with electric submersible pumps (ESPs) and powered by onsite power generation, Trend reports with reference to the data of the US-based Greenfields Petroleum Corporation.
Rental power generation equipment is scheduled to be replaced with newly procured equipment.
Gross crude oil production at Gum Deniz oil field in Q1/20 was 661 bbl/d, an increase of 1 percent relative to Q4/19.
Sales volumes averaged 574 bbl/d for crude oil in Q1/20. As compared to Q1/19, Sales volumes increased 9 percent for crude oil.
Realized oil price averaged $29.74/bbl for Q1/20, a 49 percent decrease in comparison to an average price of $58.72/bbl in Q1/19.
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 Gum Deniz Oil Field is located south of the Absheron peninsula, 21 km south of Baku, between Gum Island and the Bahar Gas Field. The Gum Deniz Oil Field extends from onshore Gum Island, which is 2.5 km from the mainland to the south in the Caspian Sea. The Gum Deniz Oil Field is found along the Fatmai–Gum Adasi anticlinal trend which includes the Bahar and Shakh Deniz structures. Oil in the Gum Deniz Oil Field is trapped in a north-south trending structure that is approximately 16 kilometres in length and 3 kilometres in width. The Gum Deniz Oil Field is structurally up-dip from the Bahar Gas Field.
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