Bahar oilfield
Bahar is an offshore petroleum reservoir in the Caspian Sea, located southeast of Baku, Azerbaijan. The field was discovered in 1968 and was first developed in 1969. Prior to 2010, it produced approximately 16.8 million tonnes of oil and 128.7 billion cubic meters of gas. There had been up to 93 wells operating in the field during the peak of production; the number has since decreased to 16. Production sharing agreement On December 22, 2009, the State Oil Company of Azerbaijan Republic and the Emirati company Bahar Energy Ltd signed a production sharing agreement for exploration, rehabilitation and development of Bahar and Gum Deniz fields. The agreement, which was reached by the President of SOCAR, Rovnag Abdullayev and General Director of Bahar Energy Ltd, Richard McDougall, is projected to last 25 years with the possibility of extension for five additional years. This was the 28th agreement SOCAR signed with a foreign investor on the basis of production sharing. Rovnag Abdullayev stated that SOCAR is planning to increase the overall gas production of Azerbaijan to 1 trillion cm. According to the agreement, within the next 3 years, Bahar Energy Ltd will drill one exploration well. The first stage of the project