Saturday, October 21, 2017

Azerbaijan News

Parviz Shakhbazov Becomes New Azeri Energy Minister

Parviz Shakhbazov has been appointed as Azerbaijan's new energy minister, the press service of the Caucasus nation's president said in a statement on Thursday. Shakhbazov had worked as Azerbaijan's ambassador to Germany until 2016. The previous energy minister, Natig Aliyev, died in June. Reporting by Nailia Bagirova; Writing by Polina Nikolskaya

$500 Mln Loan Approved for TANAP Gas Pipeline Project

The board of the European Bank for Reconstruction and Development (EBRD) has approved a $500 million loan for the Trans-Anatolian Natural Gas Pipeline (TANAP), the largest part of a $40 billion project to bring new gas supplies to Europe. The so-called Southern Gas Corridor is expected to bring around 16 billion cubic…

BP, SOCAR to Ink Caspian Sea Exploration Deal

Azeri state energy company SOCAR plans to sign a production-sharing agreement with BP to jointly explore prospects in a new block, D-230, in the North Absheron basin of the Caspian Sea before the end of 2017, a source at SOCAR said on Thursday. BP and SOCAR signed a memorandum of understanding on joint exploration of…

Azerbaijan to Cut Oil Shipments via Russia in 2018

Azeri state energy firm SOCAR plans to cut its oil shipments via Russia to 1.35 million tonnes next year from 1.5 million tonnes expected to be exported in 2017, a company official said on Thursday. Azerbaijan sends only a small portion of its oil exports via Russia, using routes through Georgia and Turkey for the bulk of its crude shipments.

Azerbaijan's Jan-Sept Oil Exports via Turkey Pipeline Fall

Azeri oil exports through the Baku-Tbilisi-Ceyhan (BTC) pipeline via Georgia and Turkey fell by 7.8 percent year-on-year to 20.326 million tonnes in the January-September period, state energy company SOCAR said on Thursday. The BTC pipeline is used to export oil via from the Azeri, Chirag and Guneshli (ACG) oilfields operated by BP.

BP Plans Azeri Platform Maintenance in Q4

British oil company BP will shut down one of its oil Azeri platforms in Azerbaijan for planned maintenance in the fourth quarter of 2016, Bakhtiyar Aslanbayli, BP Azerbaijan vice president, told Reuters on Tuesday. He added that BP's second-half oil output in Azerbaijan would be lower than an average of 655,000 barrels per day produced in the first half of 2016.

SOCAR, AIOC Team-up to Develop ACG oil field

Courtesy BP

SOCAR (the State Oil Company of the Republic of Azerbaijan) and AIOC (the Azerbaijan International Operating Company) today signed a letter of intent (LoI) for the future development of the Azeri-Chirag-Gunashli (ACG) field in the Azerbaijan sector of the Caspian Sea. The agreement will cover the development of the…

BP says 2016 Oil Output at Azeri Projects Down

Oil output at BP-led oilfields in Azerbaijan in 2016 edged down to 630,000 barrels per day (bpd) from 634,000 bpd a year ago, BP-Azerbaijan said on Tuesday. Natural gas production from the Shah Deniz offshore fields in Azerbaijan was about 10.7 billion cubic metres (bcm) and condensate output was 2.5 million tonnes, up from 9.9 bcm of gas and 2.3 million tonnes of condensate in 2015.

Azerbaijan's $35 bln Oil Fund Pledges to Improve Transparency

Azerbaijan's state oil fund SOFAZ is committed to keep improving transparency, its executive director said, in order to meet a key international benchmark that would make the country more attractive to foreign investors. The standard is set by the Extractive Industries Transparency Initiative (EITI), which is backed by governments…

Iran Wants Steep Increase in Azeri Gas Imports

Iran wants to raise gas imports from Azerbaijan almost six-fold to 2 billion cubic metres (bcm) a year from a current 370 million cubic metres and to use gas storage in Azerbaijan, a source at the Azeri state energy company SOCAR told Reuters. Despite having the world's biggest natural gas reserves, Iran is struggling to keep up with subsidy-fuelled gas consumption…

BP H1 Oil Output at Azeri Projects Declines to 641,000 bpd

Oil output from BP-led oilfields in Azerbaijan in the first half of 2015 was slightly down compared to a year earlier, BP-Azerbaijan said on Monday, driving a decline in the country's total oil production. Daily oil output at the Azeri-Chirag-Guneshli (ACG) oilfields, which account for most of Azerbaijan's production…

BP & SOCAR Deal to Explore Shallow Water Absheron Peninsula

BP and SOCAR (the State Oil Company of the Republic of Azerbaijan) today signed a new production sharing agreement (PSA) to jointly explore for and develop potential prospects in the shallow water area around the Absheron Peninsula in the Azerbaijan sector of the Caspian Sea. This new agreement is part of the government’s…

Azerbaijan Critical After S&P Revises Rating

Emblem of Azerbaijan

Azerbaijan criticised Standard & Poor's for resorting to what it said were "double standards" after the agency revised the country's sovereign credit outlook downward to negative on Friday. S&P said Azerbaijan's fiscal and external balances would be hurt by the substantial drop in oil prices, and said the negative outlook reflected pressure on the manat currency from weaker terms of trade.

BP: Q1 Oil Output at Azeri Projects Up

Oil output from BP-led  oilfields in Azerbaijan in the first quarter of 2015 was slightly up from a year earlier, BP-Azerbaijan said on Wednesday, driving a rise in the country's total oil production. Oil output at the Azeri-Chirag-Guneshli (ACG) oilfields, which account for most of Azerbaijan's output, rose to 8 million…

Azerbaijan Has Started Buying Gas from Iran

Azerbaijan started buying natural gas from Iran earlier this year in order to cover its domestic needs, state energy company SOCAR's vice president said on Tuesday. "The daily amount of supplies varies, depending on the weather," Khoshbakht Usifzade said, saying Azerbaijan was buying around 2-4 million cubic metres of Iranian gas a day.

BP, Azerbaijan's SOCAR Outline Caspian Sea Exploration Deal

BP and Azerbaijan's state oil company SOCAR announced on Wednesday they had signed a memorandum of understanding (MoU) to jointly explore prospects in a new block, D230, in the North Absheron basin of the Caspian Sea. The move reflects efforts by SOCAR and foreign companies to make new discoveries in the oil-rich country.

BP Expects Flat Oil Output in Azerbaijan in 2017

British oil major BP expects flat oil output in Azerbaijan in 2017 and will adhere to an oil output freeze, if the Azeri government takes such a decision, the company's regional manager said on Wednesday. "We can't expect a rise in oil production next year, but expect that it will remain stable, at the previous level," Gordon Birrell, head of BP in Azerbaijan, told reporters.

BP to Suspend Caspian Platform Operations

BP is to suspend operations at one of its platforms in the Caspian Sea for planned maintenance, a spokeswoman for BP Azerbaijan said on Thursday. "Chirag oil platform will be suspended this autumn," Tamam Bayatly said by telephone. She did not specify when the maintenance was expected to start and how long it would last. Chirag is one of main offshore oilfields in Azerbaijan operated by BP.

Keppel on Track to Deliver Rig for Caspian Drilling

Photo credit: Keppel Offshore & Marine

Keppel Offshore & Marine Ltd (Keppel O&M) through its subsidiary in Azerbaijan, Caspian Shipyard Company (CSC), is on track to deliver a semisubmersible drilling rig to Caspian Drilling Company Ltd, a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR). The rig was named Heydar Aliyev at a ceremony in Azerbaijan today by the President of Azerbaijan, Ilham Aliyev.

ex-Soviet Producers: No Cooperation with OPEC

Russia to defend its market share from Saudi oil; Kazakhstan, Azerbaijan face falling output. Ex-Soviet oil producers, led by Russia, are not bowing to pressure to reduce output in order to lift global prices, leaving little chance of a deal when OPEC experts meet with producers outside the group on Wednesday. The ex…