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…
One Dead After Saipem Vessel Blast
One of the 14 people injured after an explosion on a pipe-laying vessel in the Caspian Sea operated by Italian oil service group Saipem has died, a Saipem spokeswoman said on Monday.The explosion took place on May 8."Saipem deeply regrets to advise that one person who has been in most critical conditions has passed away," an Azerbaijan-based spokeswoman said.(Reporting by Stephen Jewkes; Edit
Oil Shipments from Georgia's Batumi Port Drop
Oil and oil-related shipments from Georgia's Black Sea port of Batumi dropped 24 percent in the first four months of 2019 from a year earlier, an official at a KazMunaiGas-operated terminal at the port said on Wednesday.Shipments of crude oil and refined oil products from Batumi have fallen in recent years, partly because…
BP Invests $6 Bln in Offshore Azerbaijan Project
The British multinational oil and gas company BP and its partners will lead a $6 billion development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oil-field complex offshore Azerbaijan.The supermajor said that the Azeri Central East (ACE) project includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day.
Oil Edges Above $67
Oil edged further above $67 a barrel on Monday, supported by the prospect of prolonged OPEC-led oil supply curbs though concern that an economic downturn may dent fuel consumption curbed gains.OPEC and non-OPEC ministers who met in Azerbaijan to monitor their oil supply-cut accord said they planned to exceed their commitments.
Chevron Expects 3-4% Annual Output Growth
U.S. oil major Chevron Corp said on Tuesday it expects its annual production to grow in the range of 3 percent to 4 percent through 2023, boosted by strong performance in the country's top shale region, the Permian basin.The company expects shale production from the basin to reach 600,000 barrels per day (bpd) by the end of 2020…
As Traders Tussle Turkmenistan Cuts Exports
A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni…
EIA: Azerbaijan Surges in Natural Gas
Azerbaijan is an important supplier of crude oil and natural gas in the Caspian Sea region, particularly to European markets, the US Energy Information Administration said in its report.The EIA’s report notes that Azerbaijan’s exports of natural gas are poised to become a more significant part of the country’s economy.Azerbaijan…
SOCAR Installs New Platform at Bulla-Deniz
A new stationary drilling platform was commissioned on Monday at the Bulla-Deniz offshore field in Azerbaijani sector of the Caspian Sea.The platform was built by SOCAR Oil and Gas Construction Trust and projected by the in-house Oil & Gas Research and Design Institute. It was designed for drilling of one exploratory and four production wells.
OPEC to Release Country Quotas for Oil Output Cut
Oil producer group OPEC plans to release a table detailing output cut quotas for its members and allies such as Russia in an effort to shore up the price of crude, OPEC's secretary-general said in a letter seen by Reuters on Thursday.Mohammad Barkindo said to reach the proposed cut of 1.2 million barrels per day, the…
BP to Shut Azeri Platforms for Maintenance
International energy group BP plans to shut two oil producing platforms in Azerbaijan for up to 15 days in 2019 for planned maintenance, BP Azerbaijan's vice president said on Wednesday.He declined to say when exactly the maintenance would take place.(Reporting by Nailia Bagirova; Writing by Tom Balmforth; Editing by Mark Potter)
BP Producing 588,000 BPD in Azerbaijan
Oil output at the BP-led Azeri-Chirag-Guneshli oilfields in Azerbaijan totalled 588,000 barrels per day in the January to September period, BP-Azerbaijan said on Wednesday.(Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Jan Harvey)
Start-up of Turkey's $6 bln STAR Oil Refinery Delayed
The commercial start-up of Turkey's new $6.3 billion oil refinery has been delayed until early next year and the plant is not expected to reach full capacity until mid-2019, three sources familiar with the matter said, as tests revealed minor faults.The 200,000-barrel-per-day STAR refinery, built by Azerbaijan's state oil firm SOCAR…
Socar's Oil Trading Arm Rolls Back Expansion After Weak Profits
Azerbaijan's Socar is refocusing its trading arm's activities on LNG and its new Turkish refinery while winding down less profitable trades as it feels the sting of weak profits, sources familiar with the matter said.Many trading houses had weaker performances in 2017 due to a less lucrative, backwardated market structure…
Fraser to Head DNV GL’s Noble Denton Marine Services
DNV GL has appointed Neil Jamieson Fraser as its new head of Noble Denton marine services in the UK and West Africa. The role will focus on marine warranty, marine advisory/assurance, technical assurance, and advanced engineering services. Fraser has worked with DNV GL for more than 25 years and has held a number of senior positions within the company in the UK…
India Cuts Iranian Oil Imports Ahead of Sanctions
Indian refiners cut imports of Iranian oil last month as they started weaning their plants off crude from the country to avoid sanctions by the United States that are set to take effect in November.India's monthly oil imports from Iran declined to 592,800 barrels per day (bpd) in June, down 16 percent from May, according…
BP Says its Azeri Oil Output Rises
BP said on Wednesday that oil output at its projects in Azerbaijan rose to 596,000 barrels per day (bpd) in the first half of 2018 from 585,000 bpd a year earlier.In the first six months of 2018, the company produced 15 million tonnes of oil and 1.1 billion cubic metres (bcm) of associated gas in Azerbaijan, BP said.A BP-led consortium said in a statement that it spent about $236 million in o
Briggs Marine Secures BP Contract in Caspian Sea
Briggs Marine, a UK marine contractor, has boosted its global growth plans following a three-year contract award from BP Exploration, worth over $4 million. The project, based in Azerbaijan, will see Briggs Marine delivering fire and rescue services at Sangachal Terminal - one of the world’s largest oil and gas terminals - in addition to the oil spill response services throughout the Caspian…
Azerbaijan's Jan-Aug Oil Exports via Turkey Pipeline Down
Azeri oil exports through the Baku-Tbilisi-Ceyhan (BTC) pipeline via Georgia and Turkey declined by 0.8 percent to 22.288 million tonnes in the first eight months of this year versus the same period in 2017, the State Statistics Committee said on Monday.The BTC pipeline is used to export oil from the Azeri, Chirag and Guneshli (ACG) oilfields operated by BP.Export volumes through BTC declined
Oil Shipments From Georgia's Batumi Drop 45%
Oil and oil-related shipments from Georgia's Black Sea port of Batumi fell by 45.3 percent in the first eight months of 2018 from a year earlier, an official at the KazMunaiGas operated terminal said on Monday.Some crude oil has been re-routed to the Baku-Tbilisi-Ceyhan pipeline and to the Caspian Pipeline Consortium this year, the official added, while some fuel oil has been sent to the port
