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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Greenfields Petrlm Corp (Cayman Islands)    GNF   KYG409151290

GREENFIELDS PETRLM CORP (CAYMAN ISLANDS)

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Greenfields Petroleum : Gas production at Azerbaijan's Bahar field falls by 14%

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08/21/2019 | 12:16am EDT

Gross gas production from Azerbaijan's Bahar gas field in the first quarter of 2019 was 18,209 cubic feet per day (515.6 cubic meters per day), a 14 percent decrease relative to the fourth quarter of 2018, Trend reports citing the US Greenfields Petroleum Corporation, which is the operator of the Bahar-Gum Deniz block through its subsidiary Bahar Energy Limited (BEL).

Production in the first quarter of 2019 was impacted by the temporary suspension of wells B-173 and B-182 due to low flowing pressure and liquid loading, said the company.

"Workovers were also initiated for wells B-140 and B-205 after delays in crane vessel support for the movement of workover rigs," reads 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. 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 Bahar Project is operated by BEOC, a wholly owned subsidiary of BEL, under the terms of a Joint Operating Agreement.

The Bahar Gas Field consists of 45 offshore platforms including a central processing and metering platform to gather the gas for onward transport through a three 12-inch pipelines to the shore-based gas and liquid handling facilities. The platforms, in most cases are built on 24 to 30 pilings each in an average water depth of about 16 metres.

© 2019 Trend News Agency ALL RIGHTS RESERVED, source News Service

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Sales 2013 -
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Debt 2013 22,0 M
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Capitalization 2,71 M
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NameTitle
John W. Harkins President, Chief Executive Officer & Director
Michael John Hibberd Non-Executive Chairman
Norman G. Benson Chief Operating Officer & Senior Vice President
Jose Agustin Perez-Bello CFO, Treasurer, Director & Senior VP
Geir Sagemo Non-Executive Director
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