BAKU, Azerbaijan, June 25. Oil sales from Azerbaijan’s Bahar-Gum Deniz block have shown a downward trend in the second quarter, following relatively stable performance in the first three months of the year, a source in the oil and gas market told Trend.
In January, daily oil sales amounted to 72 tons, rising by 2.78% to 74 tons in February. However, in March, sales dropped sharply to 65 tons per day, marking a 12.16% decline. The average daily sales for the first quarter stood at 70 tons.
Starting in April, oil sales stabilized but remained below the Q1 average. April sales held steady at 65 tons per day, while May saw a slight decrease to 64 tons, down 1.54% compared to April and 8.57% lower than the Q1 average.
The 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.
Greenfields Petroleum Corporation, through its wholly owned subsidiary Bahar Energy Limited (BEL), owns an 80 percent interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement with SOCAR and its affiliate SOCAR Oil Affiliate in respect of the offshore block known as Bahar-Gum Deniz (the Bahar Project), which consist of a Contract Rehabilitation Area including the Bahar Gas Field and the Gum Deniz Oil Field and an Exploration Area.
