Thursday, July 3, 2025

Azerbaijan News

Exxon Signs Agreement With Azeri SOCAR to Explore Oil Production

© Adobe Stock/Robert - stock.adobe.com

Exxon Mobil and Azeri state energy company SOCAR said on Monday they signed a deal agreeing to explore onshore oil and gas production in Azerbaijan, while BP is expected to buy into new Azeri offshore fields, according to three sources.Azerbaijan's production mainly relies on mature oil fields in the Caspian Sea and the country is aiming to maintain its oil output at around 582…

Azerbaijan’s SOCAR signs agreements for oil exploration with Exxon and BP

Azeri SOCAR, the state-owned energy company of Azerbaijan, signed agreements with Exxon Mobil & BP for oil and natural gas exploration in Azerbaijan at a conference on energy in Baku. According to the U.S. Department of Energy, Azerbaijan's proven oil reserves are 7 billion barrels. Its proven natural gas reserves are 1.7 trillion cubic meters.

Edison confident in positive outcome of Venture Global LNG arbitration

The chief executive of Italian utility Edison said that it is confident in a favorable outcome of an arbitration between Venture Global, a U.S. supplier of liquefied gas, expected to be completed by the end the year. Edison is among several European energy firms, including Shell, BP, and Galp that have filed arbitration…

Edison Confident In Venture Global LNG Arbitration

© Edison

The chief executive of Italian utility Edison said on Thursday he was confident of a positive outcome in arbitration involving U.S. liquefied natural gas supplier Venture Global, expected by the end of the year.Edison is one of several European energy companies, including Shell, BP and Galp, that have filed arbitration…

Sources: SOCAR, Gunvor and Bin Butti will bid for refiner Italiana Petroli

Two sources familiar with the matter said that next week, State Oil Company of Azerbaijan SOCAR, global commodity trader Gunvor as well as Abu Dhabi's Bin Butti Group will be expected to make binding offers to acquire Italian oil refiner Italiana Petroli. UniCredit is advising IP, or API Group as it's also called, on the sale.

Equinor sells 60% of Brazil's Peregrino oil field to Prio at $3.5 billion

Equinor announced on Friday that it's Brazil unit had agreed to sell to PRIO SA a 60% interest in the Peregrino Oil Field for up to $3.5 Billion. Prio will pay Equinor a base amount of $3.35billion, plus additional interest payments up to $150m. It will also take full ownership of the oilfield after the transaction closes.

MOL and Turkiye Petrolleri form a joint venture to explore two oilfields in Hungary

Hungarian Oil Company MOL and Turkey’s Turkiye Petrolleri will explore two new oilfields in Hungary, as part of a newly-established joint venture. Szijjarto, after meeting with Turkish Energy Minister Alparslan bayraktar, said that efficient production on new fields could help Hungary cover some of its consumption needs.

Turkey looks to regional energy expansion as Black Sea Gas output increases

Alparslan bayraktar, the Energy Minister, said that the daily production of natural gas in Turkey's flagship Sakarya Field, located on the Black Sea, has reached 9.5 million cubic meters. The country is ramping up its energy ambitions at home as well as abroad. Bayraktar, a Turkish minister of energy, told reporters…

Sources say that commodity traders will submit bids by May for Italy's IP.

Two sources confirmed on Thursday that global commodity traders Glencore and Gunvor were considering the possibility of buying oil refiner Italiana Petroli API group. State Oil Company of Azerbaijan is also interested in the asset, two sources with knowledge of the transaction said. Glencore, Gunvor, and IP have declined to comment. SOCAR did not respond to a request for comment.

Sources say that commodity traders are expected to bid for Italy's IP in May.

Two sources confirmed on Thursday that global commodity traders Glencore and Gunvor were considering the possibility of buying oil refiner Italiana Petroli API group. State Oil Company of Azerbaijan is also interested in the asset, two sources with knowledge of the transaction said. Glencore and Gunvor have declined to comment. SOCAR and IP did not respond to requests for comment.

Azerbaijan calls on EU to reconsider finance restrictions for gas corridor expansion

Ilham Aliyev, the President of Azerbaijan said that the European Union needs to reassess their financing and policies regarding long-term contracts in order to continue importing natural gases from Azerbaijan. Baku could also look for other export markets. He cited the European Investment Bank’s ban on new financing…

Azerbaijan’s oil production in January and February is down 6.3% on an annual basis

Parviz Shahbazov, the Energy Minister of Azerbaijan, said that the oil production in the first two months fell 6.3% compared to the previous year. According to the Minister, oil exports between January and February dropped from 3.9 millions tonnes to 3.7 in 2024. Azerbaijan’s oil production is on a downward trend since its peak in 2010.

Ministers and executives say that if sanctions are eased, Europe will avoid Russian energy.

Ministers and executives at a Houston conference said that European buyers will not return to Russia's Energy Sector if the sanctions are lifted. The bloc has diversified its power mix by using renewable energy and alternative suppliers of gas. According to a joint U.S. and Ukrainian statement released on Tuesday, Ukraine agreed to accept the U.S.

BP plans to add six new gaswells to the Azeri Caspian sea field in order for it continue production.

BP will add six new gas wells in Azerbaijan’s Shah Deniz field in the Caspian Sea in order to maintain stable production for the future, a senior manager from the international energy giant said. BP operates 21 gas-wells in Shah Deniz. This area is being developed by a BP led consortium, and is crucial to Azerbaijan’s commitment to increase gas exports to Europe…

Russia's proposed gas pipeline to Iran

The Russian President Vladimir Putin announced on Friday plans to build a pipeline to Iran that will eventually transport up to 55 billion cubic meters (bcms) of gas per year into the West Asian nation. Here are some background details about the cooperation between Iran, Russia and the gas sector. Iran is the second largest gas producer in the world after Russia. However, U.S.

The Serbian President says that Azerbaijani gas to Serbia has been suspended.

The gas flow from Azerbaijan into Serbia has been stopped and it's unclear when it will resume. This was the statement of Serbian President Aleksandar Vucic, according to news agency Tanjug. Vucic stated that it was unclear when gas flow would resume. Vucic added that the gas flow would be resumed in about a month.

Bulgaria claims Azerbaijan has stopped gas supply until January 11

Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 to 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas…

Year Ender: Big Oil retreats from renewables as climate agenda falters

In 2024, major European energy companies increased their focus on oil and natural gas to maximize profits in the short-term. They also slowed down and sometimes reversed climate commitments. This is a trend that will likely continue in 2025. Oil majors have retreated after governments worldwide slowed down the rollout…

SOCAR sources: Russia and Ukraine cannot agree on gas deal mediated by Azerbaijan

Azeri SOCAR, a leading energy company in Azerbaijan, said on Friday that Moscow and Kyiv failed to reach an agreement on the deal brokered by Azerbaijan for Russian gas to be exported to Europe via Ukraine. Azerbaijan was asked by the European Union and Ukraine to facilitate talks with Russia regarding a gas-transit deal due to expire this year.

Bulgaria claims Azerbaijan has stopped gas supply until January 11

Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 until January 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas…

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