Tuesday, March 31, 2020

South Caucasus Pipeline News

SOCAR Petrofac JV Wins BP Contract

(Photo: Petrofac)

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…

$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.

Greece, Partners Sign off Trans-Adriatic Pipeline to Widen Gas Supply

Five countries in south-east Europe formally signed off on the construction of a pipeline which will transport Caspian gas to European markets in an attempt to ease their reliance on Russia. The 870-km (540-mile)…

Shah Deniz Partners Award Subsea Installation Deal

Shah Deniz Stage 2, or Full Field Development (FFD) is a giant project that will add a further 16 billion cubic meters per year (bcma) of gas production to the approximately 9 bcma produced by Shah Deniz courtesy Saipem Contracting Netherlands

The Shah Deniz consortium today announced the award of a $1.5 billion contract for the transport and installation of the deeper water subsea production systems for Shah Deniz Stage 2 to the BOS Shelf LLC, Saipem Contracting Netherlands B.V.

Statoil 2Q 2015 Earnings Slip

CEO of Statoil ASA, Eldar Sætre

Statoil delivered Adjusted earnings of NOK 22.4 billion and adjusted earnings after tax of NOK 7.2 billion in the second quarter. Statoil reported Net income in accordance with IFRS of NOK 10.1 billion, including gains from divestments.

SOCAR: Statoil Exiting TAP Gas Project

Norway's Statoil is to sell its 20-percent stake in the Trans Adriatic Gas Pipeline (TAP) project that will carry gas from Azerbaijan to Europe, the president of Azeri state energy firm SOCAR said. "Statoil has decided to leave the TAP project completely…

Azeri Shah Deniz Gas Project Awards Subsea Contracts

Norway's FMC Kongsberg Subsea AS and Britain's OneSubsea (UK) Ltd have won contracts for subsea infrastructure totalling $363 million for Azerbaijan's Shah Deniz gas field. A consortium led by BP said it awarded the…

Azeri SOCAR Assumes Statoil's Pipeline Rights

Norway's Statoil handed over its commercial operating rights on the gas-carrying South Caucasus Pipeline project to Azeri state energy firm SOCAR on Friday after completing the sale of its 15.5 percent stake to Malaysia's Petronas.

Statoil, Petronas, Close Shah Deniz Sale

The Shah Deniz in the Caspian Sea. (Photo: Shahin Abasaliyev)

On April 30, 2015, Statoil and the Malaysian oil and gas company PETRONAS completed their transaction, announced previously on October 13, 2014, involving the transfer of Statoil’s 15.5% participating interest in the Shah Deniz production sharing agreement…

Statoil Exits Shah Deniz Gas Project

Azerbaijan's Shah Deniz gas project

Asset sales to protect dividends; firms face rising costs, falling oil prices. Statoil will retain stakes in ACG oil field, TAP Pipeline. Statoil exited Azerbaijan's Shah Deniz gas project on Monday, selling a 15.5…

Statoil's 2Q 2014 Results

President and CEO Helge Lund

Statoil's second quarter 2014 net operating income was NOK 32.0 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter…

Gas Prices Help Offset Statoil's Output Drop

Valemon sail away (Photo: Ben Weller AP/Statoil)

Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter…