International financial institutions ready to finance Nabucco West
Nabucco West project can reach its financial close very soon, Nabucco Gas Pipeline International GmbH spokesman, Christian Dolezal told Trend in the interview in Baku.
"The financial institutions are ready to fund the project. The money is available," Dolezal said.
Dolezal said that Nabucco West project's debt to equity ratio is still set to be 70:30 - that means Nabucco's shareholders will invest 30 percent of total cost of the project, and the rest 70 percent will be paid owing to loans.
Research operations completed on large block in Azerbaijani sector of Caspian Sea
A high-frequency seismic survey has been completed within the Chirag oil project (COP) on the Azeri-Chirag-Guneshli oil and gas fields, an oil and gas market source told Trend today.
The COP project envisages an increase in oil production in the "Azeri-Chirag-Guneshli".
The work is being conducted within the contract to be signed between BP and Caspian Geophysical. Research operations are being conducted from Gilavar geophysical vessel.
"All the field work for this project has been completed," the source said.
The extraction process in the platform is planned to be launched in late 2013.
Iran liquidates national gas export company
Iranian National Gas Export Company (NGEC) has been liquidated by a decision of the Iranian Oil Ministry, MEHR news agency reported on Saturday.
According to the decision, the functions on gas export via pipelines are transferred to state companies, on commercial gas sales and export of liquefied gas - to international department of the oil company.
This decision is due to a decrease in sales volumes of Iranian gas to the world markets.
Daily gas production in Iran is about 600 million cubic meters, and in future this figure will increase up to 1.2 billion cubic meters. According to the National Iranian Gas Company, the country's oil reserves hit 10 percent of the world reserves, and natural gas reserves - 16 percent.
Fitch upgrades Tengizchevroil Finance Company SARL to 'BBB'
Fitch Ratings has upgraded Kazakh Tengizchevroil Finance Company SARL's (TCO Finance) series A senior secured notes to 'BBB' from 'BBB-', the agency reported on Wednsday. The outlook is stable.
Possitive rating considerations are TCO's continued ability to offset the oil export duty against royalties; the clearing of the 'mining allotment' charges; reduced risk of oil transportation constraints; and a shorter than previously anticipated overlap between the remaining maturity of the notes and new capex funding requirements.
KazMunaiGas, MOL signs SPA for share sale in JSC Karpovskiy Severniy
KazMunaiGas Exploration Production JSC ("KMG EP") concluded the Share Purchase Agreement with MOL Hungarian Oil and Gas Plc. ("MOL") on sale of 49 percent of shares in Karpovskiy Severniy JSC, KMG reported. As a result of this transaction KMG EP will form a joint venture with MOL to conduct further exploration activities on Karpovskiy Severniy exploration block. The Karpovskiy Severniy block is located approximately 40 km northwest of Uralsk, in the vicinity of Fedorovskiy block and existing discoveries, at the northern edge of the Caspian Depression. The license area is 1,670 sqkm.
BP confirms presence of large gas reserves in Turkmenistan
BP confirmed the presence of large gas reserves in Turkmenistan on the basis of official data, by which the country is ranked fourth in the world. This in turn is a guarantee of Turkmenistan's gas supply of current and prospective gas pipelines to any amount, vice president and chief economist of BP Christof Ruehl said in Ashgabat, local media reported on Tuesday.
The presentation of statistical compilation about the dynamics of power in 2011, prepared on the basis of the Statistical Review of World Energy of BP was held at the Ministry of Petroleum and Mineral Resources of Turkmenistan.
According to the information, this presentation held annually in different countries, was held in Turkmenistan for the first time which indicates the growing interest of the international community in the country.
European commission, Turkmenistan to discuss energy supplies in September
Turkmen President Gurbanguly Berdimuhamedov and the president of the European Commission Jose Manuel Barroso agreed to hold a meeting of the working group in Ashgabat to develop a mechanism ensuring the delivery of Turkmen energy resources to Europe in September 2012.
Dragon Oil successfully drills oil well in Turkmen section of Caspian Sea
Dragon Oil, oil and gas company from the UAE, successfully completed another phase of drilling operations in the Turkmen section of Caspian Sea, the company's press release says.
According to the report, the Dzheitune (Lam) 28/174 well was completed as a single producer to a depth of 1,976 metres. The well tested for initial production at 1,705 barrels of oil per day ("bopd"). The sidetrack of the Dzheitune (Lam) 13/144C well yielded the initial flow rate of 956 bopd from a single string.
The Cheleken project has been implemented in Turkmenistan since the mid-1990s.
The development is executed in the Dzheitune and Jigalibek fields on the shelf of the Caspian Sea. The proved and probable remaining oil reserves on the contract area are about 300 million barrels of oil and more than 3 trillion cubic feet of gas. So far, the company has invested over $2.3 billion in the development of fields in the contract area Cheleken.