“Greenfields Petroleum Corporation” has presented 2017 year’s expenditures on “Bahar” and “Gum Deniz” fields to the State Oil Company of Azerbaijan Republic (SOCAR).
Report informs citing the Greenfields Petroleum, the company has submitted a 2017 budget to SOCAR including $21 million of capital expenditures and $28 million of operating costs for 2017.
A significant portion of the capital and operating costs will be directed toward recompleting 13 wells in the “Bahar” gas field and 20 wells in the “Gum Deniz” oil field.
The capital budget also includes refurbishment of 5 platforms in the “Bahar” gas field and 2 platforms in the “Gum Deniz” oil field.
The company plans to execute on this 2017 program while delivering continued efficiencies and cost savings, which are expected to be repeatable.
With a focus on growing gas production in the near term, production is forecast to end the year at approximately 6,444 boe/d compared to 4,185 boe/d in December 2016.
