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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 : Oil production volume at Azerbaijan's Gum Deniz field revealed

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08/21/2019 | 12:16am EDT

Gross crude oil production at Azerbaijan's Gum Deniz field in the fourth quarter of 2018 stood at 737 barrels per day, increasing 7 percent from the third quarter of 2018, due to successful workovers, 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).

The company said that in South Gum Deniz Oil Field, workovers are now underway on Platforms 409 and 412 following rig delivery in the third quarter of 2018.

"In this area, Bahar Energy Operating Company (BEOC), subsidiary of BEL, plans to equip six additional wells with electric submersible pumps (ESP) powered by onsite power generation," reads a report from Greenfields Petroleum Corporation.

In the Gum Deniz Oil Field, two successful recompletions were conducted and ten well services were performed for sand cleanouts and artificial lift optimization, said the company. Reportedly, four workovers were underway at the end of the quarter.

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.

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.

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

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Debt 2013 22,0 M
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John W. Harkins President, Chief Executive Officer & Director
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Geir Sagemo Non-Executive Director
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