Greenfields Petroleum withdraws from Azerbaijani oil market

A companion of Baghlan Group received a loan of $ 21 million for the financing of the project of development of the block of fields Bahar-Gum-Deniz.

According to the American company Greenfields Petroleum (owns a 33.3% stake in Bahar Energy ltd.), the organizer of the injections is the financial company Meridian SEZC. Name the final creditor is not specified. "The funds were borrowed to finance current operations development Bahar Energy Limited. Loan funds are allocated at the rate of 12% per annum with a maturity of June 30, 2018", - stated in the information.

Agreement between SOCAR and Bahar Energy Limited on the exploration, rehabilitation, development and sharing production from block of fields Bahar and Gum Deniz was signed on 22 December 2009. The Bahar Energy Limited share in the project is 80%, and the share of SOCAR is 20%. The contract is for 25 years, renewable for another 5 years. Initial investment program is estimated at $ 1 billion. The whole investment will come from Bahar Energy Limited.

According to expert estimates, the residual gas reserves at the contract amount to 25 billion cubic meters.

The oilfield Gum-Deniz, commissioned in 1955, is located 21 kilometers south-east of Baku.

The Bahar gas field was put into development in 1969. - 17D-