TODAY.AZ / Business

US company developing block of fields in Azerbaijan extends maturity of loans

07 August 2018 [13:04] - TODAY.AZ

By  Trend

The US Greenfields Petroleum Corporation, an independent exploration and production company holding an 80 percent interest in certain producing assets in Azerbaijan, is pleased to announce that it has reached an agreement to extend the maturity of certain loan agreements until December 31, 2018.

The Additional Loan Agreements, contracted in September 2016 with a consortium of lenders, consist of principal of $3.025 million and bear interest at the rate of 12 percent per annum.

The contract for exploration, rehabilitation, development and production at Bahar and Gum Deniz block of offshore fields was signed by Azerbaijan’s state oil company SOCAR (20 percent) and Bahar Energy (80 percent) in 2009.

The Bahar Gas Field is located in shallow water 40 km southeast of Baku, offshore in the South Caspian Basin. The field was discovered in 1968 and production began in 1969.

The Gum Deniz Oil Field is located south of the Absheron peninsula, 21 km south of Baku, between Gum Island and the Bahar Gas Field.


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