Russia aims to counter West’s climate agenda by using gas and nuclear power
Pavel Sorokin, deputy energy minister of Russia, said that the country will set its own climate goals and make proposals to combat global warming in an effort to counter the agenda promoted by Western countries. His remarks could be a preview of potential clashes during the COP29 U.N. Climate Summit, due to take place November in Azerbaijan.
Turkey's Botas talks to Iran's National Gas Company for long-term supply
The Turkish energy company Botas announced on Wednesday that they had been in talks with Iran's National Natural Gas Company NIGC about a long-term supply from Iran of natural gas to Turkey. Turkey consumes more than 50 billion cubic meters of gas each year. The country currently imports LNG from different suppliers and relies on a mixture of pipeline gas imported from Russia…
Hungary: EU is not doing enough to reduce Russian gas dependency
Hungary's chief energy security official on Wednesday criticised the European Union for failing to provide enough support in order to help smaller countries, which are landlocked, move away from Russian gas. Csaba Maresvari, Hungary’s deputy state secretary of energy security, said at the Gastech Conference in Houston that landlocked…
Turkey's Botas buys 1.6 billion cubic meters of LNG from TotalEnergies over a 10-year period
Alparslan Bayraktar, the Turkish Energy Minister announced on Wednesday that Turkish state-owned energy company Botas had signed a 10-year contract to import LNG from French oil giant TotalEnergies starting in 2027. Bayraktar announced the deal on the social media platform X. The contract, signed at the GasTech conference…
Azerbaijani President confident about Ukraine gas route talks
Azerbaijani president Ilham Aliyev expressed Friday confidence in the outcome talks between Russia Ukraine, which his country facilitates to keep Russian Gas flowing through Ukraine into several European nations. Aliyev spoke at the TEHA forum in Cernobbio (Italy), which gathers policymakers and businessmen every September on the shores Lake Como for a discussion of the geopolitical outlook.
Four states join forces to build an interconnector for Azeri windfarms
Azerbaijan formed a joint-venture company with Georgia, Romania, and Hungary on Tuesday. The aim is to build an interconnector undersea across the Black Sea to connect planned Azeri Windfarms with Europe. Green Energy Corridor Power Company, based in Bucharest, Romanian capital will oversee the construction of a 1,000 megawatt cable that runs 1,100 km (685 miles) from Azerbaijan into Romania.
Azerbaijan's Jan-April Oil Output Flat
Azerbaijan's oil and gas condensate output was flat in January-April at 12.4 million tonnes compared with 12.44 million tonnes in the same period last year, the Energy Ministry said on Thursday.Natural gas output rose to 13.4 billion cubic meters (bcm) in the first four months of 2020 from 11.6 bcm.Azerbaijan exported 10.26 million tonnes of oil in January-April…
Trafigura Merging China Oil Operations in New Shanghai Trading Desk
Swiss commodities merchant Trafigura plans to merge its three-year-old crude oil marketing office in Qingdao, in east China's Shandong province, with an oil desk being set up in Shanghai, according to three sources with knowledge of the matter.Trafigura earlier this year created a head oil trader position in its Shanghai office, which has long focused on metals, said the sources.
BP's Azerbaijan Output Drops
BP said on Tuesday that oil output at its projects in Azerbaijan declined to 524,000 barrels per day (bpd) in the first quarter of 2020 from 571,000 bpd a year earlier.Associated gas output at the Azeri-Chirag-Guneshli (ACG) oilfields was 7.9 million cubic meters in the quarter, up from 5.2 million cubic meters a year ago, the BP-led consortium said in a statement.The oilfields account for mo
Chevron Cuts Spending, Says Asset Sales Lift Profits
Chevron Corp on Friday slashed its capital spending plans by another $2 billion as the coronavirus pandemic guts demand for oil and gas, while delivering a year-over-year 38% increase in profits.Global fuel demand has crashed by a third while many people shelter at home for an indefinite period. Major oil companies…
When Oil Became Waste
A week of turmoil for crude, and more pain to comeThe magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel.In just a few months…
Update: Brent Oil Rises above $32 on Hopes of Output Deal
Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT. Brent soared as much as 47% on Thursday for its highest intraday percentage gain on record. It closed 21% up…
Coronavirus Spurs Oil Majors to Cancel IP Week Events
The list of parties at London's International Petroleum Week, one of the world's biggest oil industry gatherings, continues to shrink as hosts such as ExxonMobil and Azerbaijan's SOCAR cancel events due to the coronavirus, trading sources said. IP Week is a key oil traders' gathering that takes place every year in February. This year, it is scheduled for Feb. 24-27.
SOCAR Petrofac JV Wins BP Contract
Petrofac, in a joint venture (JV) with the State Oil Company of the Republic of Azerbaijan (SOCAR), has secured a Project Management Services contract to support BP’s operations in Azerbaijan and Georgia.The three-year contract will support both onshore and offshore activity for BP operated projects in the Caspian Sea area including Azeri-Chirag-Gunashli (ACG)…
MOL Purchases Azerbaijan ACG, BTC Pipeline Stakes
MOL has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan…
BP Awards Caspian ACG Contracts
The upstream consortium, led by UK enerrgy giant major BP, announced that the Azeri-Central-East (ACE) project is moving forward at pace with the awards of key contracts.BP as operator of the Azeri-Chirag-Deepwater Gunashli (ACG) field development, revealed that the contracts, covering engineering, fabrication and construction…
ADNOC, Pertamina Ink Development Pact
The Abu Dhabi National Oil Company (ADNOC) signed an agreement on Wednesday with Indonesia's state-owned energy company PT Pertamina for oil and gas collaboration in both countries and globally, ADNOC said in a statement.The comprehensive strategic framework (CSF) agreement was signed on the sidelines of an official visit to Indonesia by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.It cov
New CEO Guy Takes the Helm at EnerMech
Aberdeen-headquartered services company EnerMech announced on Wednesday that John Guy has been appointed as Chief Executive Officer (CEO), succeeding company founder Doug Duguid, who will assume the role of Deputy Chairman.Guy’s appointment as CEO will become effective from August 1, 2019, when Doug Duguid will take on the Deputy Chairman role for a six-month period.
U.S. Oil Makes it to Ukraine, a blow to Moscow
U.S. crude exports are gaining traction in Europe as even Ukraine turns into a significant consumer of American barrels at the expense of Russian supplies amid heightened U.S. political pressure on Moscow and problems over contaminated Russian oil.Ukraine this month received its first ever barrels from the United States…
KCA Deutag Names Elkhoury CEO
Drilling and engineering contractor KCA Deutag has appointed a new chief executive Joseph Elkhoury, as current boss Norrie McKay prepares to retire. McKay will remain with the group in an advisory capacity until December 31, 2019, working closely with Joseph to ensure a smooth transition. Elkhoury brings to the role…
