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Major events in Caspian countries' oil and gas industry for last week (Oct. 20-24)

Analysis Materials 27 October 2014 16:24 (UTC +04:00)

SOCAR conducts exploration drilling on land area in Azerbaijan

The SOCAR Company (State Oil Company of Azerbaijan) has started drilling the first exploration well on the Eldaroglu onshore area in the west of Azerbaijan.

The area is located in the oil and gas bearing zone between the Kura and Gabyrry rivers in Samukh disctrict of Azerbaijan, the message said. The project depth of the well is 1,000 meters. Its drilling is scheduled to be completed in January 2015.

The need for conduction of seismic works and the drilling of appraisal wells arose in connection with the probability of high productivity of the area, where two-dimensional seismic surveys and gravimetric and magneto metric works have already been carried out, according to the report. The obtained materials are currently being processed.

Iran dismisses canceling gas pipeline project with Pakistan

The Iranian oil ministry has dismissed the reports about canceling the Iran-Pakistan (IP) gas pipeline project, the ministry's official news agency SHANA reported.

Earlier, Pakistani media outlets reported that Iran has unilaterally ended the government-to-government cooperation agreement with Pakistan, and after this decision the IP gas pipeline project has become unfeasible.

The Islamic Republic's oil ministry announced that despite some differences on the issue, the Iranian side is committed to continue cooperation to finalize the project, the oil ministry's PR department said.

Iran has already built 900 kilometers of the pipeline on its own soil and is waiting for the Pakistani side's 700-kilometre section to be constructed.

However, Pakistan has made little progress on laying its section of the long planned pipeline; largely due to lack of funds for the costly project and the U.S pressure to drop it.

Contracts for gasoline supply to Kazakhstan from other countries signed

Contracts for AI-92 gasoline supply to Kazakhstan in the amount of 106,700 metric tons in October were signed within the framework of the measures taken by the government of Kazakhstan to normalize the situation with fuel and lubricants gasoline products in the domestic market of KazMunaiGas Onimdery LLP (100-percent subsidiary of KazMunaiGas - Processing and Marketing), the press-service of KazMunaiGas - Processing and Marketing JSC said.

Some 87.2 metric tons of gasoline will be also delivered to Kazakhstan from Russia, according to the report.

Gas production increases at Turkmenistan's Kerwen field

Commercial development of the fourth well of Kerwen gas field has started in the northern region of Turkmenistan's Lebap province, the country's Ministry of Oil and Gas Industry and Natural Resources said.

It was earlier reported that the volume of resources of Kerwen field exceeds several billion cubic meters of gas. Gas reservoirs are located at a depth of nearly 3,500 meters.

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