US Greenfield inks SOCAR workover deal
Baku, December 6, AZERTAC
Bahar Energy Operating Company Limited ("BEOC"), a wholly owned subsidiary of Texas-based Greenfields Petroleum, executed an exclusive memorandum of understanding with SOCAR Complex Drilling Works Trust ("SDT"), a subsidiary of the State Oil Company of Azerbaijan (SOCAR), to formalize a partnership for the drilling of deep gas wells in the Bahar gas field offshore Azerbaijan, the company announced on December 4.
BEOC has identified locations to potentially reestablish gas production from the deep NKP reservoir of the Bahar gas field.
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.
John W. Harkins, CEO of Greenfields, stated: "This is an excellent opportunity for cooperation with SDT to drill new gas wells from the deeper reservoirs in the Bahar gas field and re-establish significant gas production for Azerbaijan."
Greenfields is a junior oil and natural gas corporation focused on the development and production of proven oil and gas reserves principally in Azerbaijan. The Company plans to expand its oil and gas assets through further farm-ins and acquisitions of Production Sharing Agreements from foreign governments containing previously discovered but under-developed international oil and gas fields, also known as "greenfields".
Other news in this section
