Bahar Energy Operating Company attracts new shareholder

New shareholder will replace Baghlan Group faced with financial problems

Baku. 28 September. REPORT.AZ/ Drilling works in gas field "Bahar" located in the Azerbaijani sector of the Caspian Sea suspended until 2016. Report informs, President and CEO of Greenfields Petroleum John V.Harkins said.

According to him, since April 2014, the pace of work on the development of the field has decreased and now decision was made to suspend drilling: "The company is conducting a series of reforms, cut costs and headcount.We are changing one of the local partners."

J.Harkins noted that issue of the replacement of Baghlan Group - one of the shareholders of the operating company Bahar Energy, which is the project operator for exploration, production and development of "Bahar" and "Gum Deniz".According to him, the partner company must have sufficient financial resources and its choice must be agreed with the State Oil Company of Azerbaijan Republic (SOCAR).

Head of Greenfields Petroleum said that the new party will be announced before the end of the year and talked about future plans:Final works will be carried out in "Gum Deniz "and seismic exploration work on 2D and 3D, as well as increasing the volume of gas production. at "Bahar".

In 2009 SOCAR and Bahar Energy Company signed a contract for 25 years for exploration, production and development of block of fields "Bahar-Gum Deniz". According to the contractSOCAR's share is 20%, Bahar Energy Company - 80%. The founders of Bahar Energy Company are Baghlan Group, Greenfield International and RAFI Oil.

Condensate field "Bahar" opened in 1968 is located in the sea, 40 km south-east of Baku.

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