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Greenfields Petroleum achieves the TPR1 production milestone under ERDPSA in Azerbaijan


Published Jan 14, 2014
Greenfields Petroleum Corporation-2

Greenfields Petroleum Corporation announce that the operating company of the Bahar project, Bahar Energy Operating Company (BEOC), has exceeded the important milestone of maintaining production for 90 consecutive days at an average rate of 6,944 barrels of oil equivalent per day (BOEPD) referred to as Target Production Rate 1 (TPR1) under the Exploration, Rehabilitation, Development Production Sharing Agreement (ERDPSA).

On January 10, 2014, BEOC informed the State Oil Company of Azerbaijan (SOCAR) that BEOC had maintained an average rate of 6,962 BOEPD for the previous 90 consecutive days. Meeting the TPR1 requirement secures for the Contractor Parties in the ERDPSA the rights under the ERDPSA to the full twenty-five (25) year development and production period.

Tags: Greenfields Petroleum Corporation




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