The Best Place to find New Oil is Where There is Old Oil....

Greenfields Petroleum Corporation is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in the Republic of 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".

Investing in "greenfields" offers lower risk exploration, while often holding upside potential.

The Company's current focus is on developing and producing a proven oil and gas field in the republic of Azerbaijan. The principal asset of the Company is a one-third interest in Bahar Energy in Azerbaijan.


(To view a larger image, click here)

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The Bahar project comprises nearly 76,500 acres of producing oil field and a producing gas field 10 km offshore Azerbaijan in shallow waters (10 metres) of the Caspian Sea. Originally owned by the State Oil Company of Azerbaijan Republic (SOCAR), Bahar Project was awarded as a concession under an exploration, rehabilitation, development and production sharing agreement (ERDSPA).

The properties associated with the Bahar Project are located in the shallow waters of the Caspian Sea, south of the Apsheron Peninsula and to the east of Baku, Azerbaijan. With primary development activities occurring at the Gum Deniz and Bahar fields, with exploration to be started soon at the BE-2 project.

Greenfields is drilling in the Gum Deniz oil Field utilizing the Great Wall 88 rig to develop a field extension. It is anticipated that the well will yield early production and reserves growth, and with success leading to multiple new drilling targets to the north. Wells in this area have two to four target horizons compared with the infill development wells located towards the center of the field that have four to eight target zones. A favorable contract on the Great Wall 88 rig resulted in these wells having an estimated drilling cost of about forty percent less than the projected cost of the platform wells. PSG 1 has been undergoing assembly on platform 2 in preparation for drilling in the main part of the Gum Deniz oil field. The rig originally was kitted out for workovers but with the addition of a top drive and increased mud handling capacity we expect to begin drilling shortly. PSG 2 is being assembled on platform 196 in the Bahar gas field to workover gas wells that have lost productivity due to various repair needs such as parted tubing and ability to unload fluid. We expect this rig to begin doing workovers soon.

The facilities include 54 offshore platforms, multiple pipelines and 16.8km of causeways from an offshore island into the shallow waters of the Caspian Sea. Five pipelines transport gas and liquids from offshore rigs into surface facilities located directly onshore from the project fields.

Greenfields' offshore assets are in the right neighborhood, surrounded by large oil and gas discoveries. The prolific Shah Deniz field, residing south of the Bahar area, is estimated to contain nearly 25 tcf of potential gas.

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