Greenfields Petroleum Corporation has announced that on November 27, Bahar Energy Operating Company Limited (BEOC), a wholly owned subsidiary of Greenfields, executed an exclusive memorandum of understanding with SOCAR Complex Drilling Works Trust, a subsidiary of the State Oil Company of the Republic of Azerbaijan(SOCAR), to formalize a partnership for the drilling of deep gas wells in the Bahar gas field offshore Azerbaijan.
BEOC has identified locations to potentially reestablish gas production from the deep NKP reservoir of the Bahar gas field. BEOC estimates the NKP reservoir contains over 200 Bcf of remaining gas.
Pursuant to the MOU, BEOC and SDT will be jointly inspecting the refurbished offshore BH 196 platform to ensure that safe drilling operations can be carried out to international standards.
SDT will prepare the design and drilling plan for the deep wells and the parties will select drilling locations for deep wells of up to 18,000 feet of true vertical depth. Production facilities and flowlines are already in place to handle the additional gas production and BEOC has procured some of the drilling tangibles for the initial wells, including casing, tubing and wellheads.
The parties expect to propose final plans early in 2018 to support the development drilling in Bahar later in the year.
Azerbaijan’s state oil company SOCAR signed a PSA in 2009 with Bahar Energy Ltd. for exploration, rehabilitation, development and extraction at the Bahar-Gum Deniz block.
An 80-percent stake in Azerbaijan’s Bahar Energy Ltd Operating Company is owned by the US Greenfields Petroleum Corporation and a 20-percent stake – by SOCAR.
