Greenfields Petroleum Corporation says that the operating company of the Bahar project, Bahar Energy Operating Company, continues work in its redevelopment of the Gum Deniz and Bahar fields in the Bahar ERDPSA, Azerbaijan.
BEOC has announced a 2015 budget for the Bahar project, including gross operating costs of $37.8 million and gross capital costs of $31.0 million. This budget is focused on continued growth of oil and gas production through workovers and recompletions on the oil and gas fields.
Gross field production for 2014 averaged approximately 26.6 mmcf/d and 1,351 bbl/d or 5,778 boe/d. Gross field production was approximately 22.4 mmcf/d and 1,206 bbl/d or 4,938 boe/d in Q4 2014 due to the suspension of drilling in Q2 attributable to the Drilling Contractor failing to maintain the necessary rig insurance. The 2015 budget anticipates average production of approximately 29.6 mmcf/d and 1,475 bbl/d or 6,408 boe/d.