BAKU, Azerbaijan, June 10. The volume of gas production at Bahar field in Azerbaijan stood at 169 million cubic meters in 2021 versus the forecasted 243 million cubic meters, Trend reports with reference to the Chamber of Accounts.
As such, the production plan was implemented by 70 percent.
However, the revenues from sales of hydrocarbons from Bahar field stood at $1 million, which exceeded the forecast by more than fourfold. Reportedly, repairs in some wells and depletion of formation led to a lower-than-expected production.
Bahar Project is located south of the Absheron Peninsula and a few kilometers to the east of Baku. It comprises producing oil and gas fields lying offshore Azerbaijan in the shallow waters (up to 10 meters deep) of the Caspian Sea. The producing oil and gas facilities include 89 offshore platforms, multiple pipelines and approximately 16.8 kilometres of steel causeways with well pads from an offshore island into the shallow waters of the Caspian Sea.
Greenfields Petroleum Corporation, through its wholly owned subsidiary Bahar Energy Limited, owns an 80 percent interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement (the ERDPSA) with SOCAR and its affiliate SOCAR Oil Affiliate in respect of the offshore block known as Bahar Gum Deniz, which consist of a Contract Rehabilitation Area including the Bahar Gas Field and the Gum Deniz Oil Field and an Exploration Area.
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