Turgay Teymurov, EY Assurance Partner speaks at Russia & CIS Oil & Gas Executive Summit (PHOTO)

Turgay Teymurov, EY Assurance Partner speaks at Russia & CIS Oil & Gas Executive Summit (PHOTO)

Baku, Azerbaijan, Feb.19
Trend:

The Summit is a leading platform for senior level oil & gas leaders, experts and executives involved in shaping the industry's future in Russia and the CIS and the world.

The Summit's first session was dedicated to an overview of global market trends and to the outlook for the future. Turgay Teymurov participated in this panel, making a presentation on "Caspian Oil and Gas Trends in the Global Context." The presentation focused on global economic trends that impact oil prices, energy supply and consumption and gave an overview of exploration and development projects in the Caspian region.

"The drop in oil prices has been dramatic, driven by weaker global demand, US shale oil success and other factors such as Libya and Iraq, as well as by the OPEC decision to maintain production levels. We have recently seen a rebound of prices on the back of continued reduction of drilling rigs in the US, spending cuts and delays in major projects. We are still in the contango zone, which means that oil futures are higher than current oil prices. The forward curve and expert estimates indicate that the Brent price could go up to $70 by the end of the year, but volatility is very high," said Turgay.

Turgay also discussed the key challenges in the energy industry in the Caspian region and provided an outlook for energy projects there. "All the countries in the region have been impacted by the fall in oil prices. The macroeconomic environment is different, but we have common issues. Russia and Turkmenistan have seen sharp drops in their currencies; Kazakhstan's tenge has been stable recently after devaluation early in 2014.

At the same time, the Azerbaijani Manat has been strengthening against most world currencies due to the fact that the Central Bank maintained stable USD/AZN rate. Recently the Central Bank announced a change to this policy by adding the euro in consideration. Azerbaijan has large foreign currency reserves, which gives it enough power to maintain the stability that remains the highest priority of the government," said Turgay.

"Another common issue in the region," he said, "is the status of the Caspian Sea. Discussions continue and it would be very good to see substantial progress in this area. Azerbaijan has been very successful in developing its O&G resources and would be able to share its experience with neighboring countries if disputed fields are jointly developed."

"As for existing projects, ACG has managed to stabilize production and Shah Deniz stage 2 realization is going in accordance with plan. There are a number of challenges, of course, including those pertaining to obtaining permits and potential competition from other projects. We confronted some of these issues during construction of the BTC pipeline, which has been a huge success, so I hope we will achieve similar results with the current level of support from the US and the EU, project shareholders and the countries involved," Turgay concluded.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY is expanding its services and resources in accordance with clients' needs throughout the CIS. 4,800 professionals work at 21 offices in Moscow, St. Petersburg, Baku, Vladivostok, Ekaterinburg, Almaty, Astana, Kazan, Kyiv, Tashkent, Minsk, Tbilisi, and other locations.

EY refers to the global organization and may refer to one or more of the member firms of EY Global Limited, each of which is a separate legal entity. EY Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com

EY in Azerbaijan

EY made a major commitment to Azerbaijan and the region with the opening of our office in Baku 20 years ago. Today, in addition to being the leading audit firm in Azerbaijan, we are the leading firm in the region. Because of our experience and depth of knowledge, we have been able to assist both domestic and international companies as well as state-owned entities in developing and in facing the challenges of the international economy.
2014 was the 20th anniversary of EY in Azerbaijan. We currently have more than 170 staff in our Baku practice, who serves our clients in Azerbaijan. EY's strength in the Caspian Region and the firm's commitment of resources are important to the entities operating in the region. It means that as we grow, EY will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.

Operational Headquarters of Azerbaijan talks international, domestic flights
Operational Headquarters of Azerbaijan talks international, domestic flights
Azerbaijan to start vaccination from COVID-19 - Operational Headquarters
Azerbaijan to start vaccination from COVID-19 - Operational Headquarters
Barbershops and beauty salons in Azerbaijan to start working soon
Barbershops and beauty salons in Azerbaijan to start working soon
Loading Bars
Latest
Operational Headquarters of Azerbaijan talks international, domestic flights
Prime Minister Modi Launches pan India rollout of COVID-19 vaccination drive
GM to invest C$1 billion in Canada plant to manufacture electric vans
Azerbaijan to start vaccination from COVID-19 - Operational Headquarters
Barbershops and beauty salons in Azerbaijan to start working soon
Kazakhstan sees decrease in exports to EAEU countries
Review of transactions in national currency at Turkmen exchange for Dec. 2020
Total amount of transactions on Turkmen Commodity Exchange for Dec. 2020
Iran's companies can offer technical services in Azerbaijan's Karabakh
Azerbaijan to resume activity of shopping centers, museums, barbershops
Weekly review of Azerbaijani currency market
Uzbekistan reveals its COVID-19 data for January 16
Ban on entry-exit to some cities, regions of Azerbaijan remains in force
Azerbaijan makes wearing face masks mandatory both indoor, outdoor
Public catering facilities in Azerbaijan to resume activity soon
Aftershock rocks Indonesia quake zone as search continues
Kazakhstan's coal extracting venture to transformer substations via tender
Azerbaijan softens toughened quarantine regime
Turkmenistan, IBRD sign protocol of negotiations on COVID-19 response draft
Azerbaijan cancels SMS-permissions for leaving homes due to COVID-19
Iranian currency rates for January 16
Iran expects balance in foreign currency rates
Azerbaijan's import of grain from Russia's Stavropol for 2020 revealed
Mass inoculation of Russians against coronavirus to begin on January 18
Indonesia quake kills at least 42, injures hundreds
U.S. Health Secretary Azar condemns Capitol violence in resignation letter
UzAuto Motors doubles cars production volume in 2020
France's coronavirus death toll approaches 70,000
Over 600,000 have received Sinovac shots in Turkey's vaccination program
5.4-magnitude quake jolts southern Iran
Hotel occupancy increases in all Georgian regions
Trump directs government to minimize procurement from China
WhatsApp to delay launch of update business features after privacy backlash
Brazil reports more than 1,000 COVID deaths for fourth consecutive day
Number of COVID-2019 cases across globe up by over 709,000 in past day
UN chief calls for "far greater solidarity" in message on 2 millionth COVID-19 death
Money transfers to Georgia up in December 2020
WHO advises against proof of COVID-19 vaccination for int'l travel
BMW to recall 21,693 cars in Russia
We are having tea in pear-shaped glasses, baklava on Jidir Duzu. Let our friends rejoice, enemies get blind! - President Aliyev (PHOTO/VIDEO)
It is such unique feeling to see Shusha, to return to Shusha - President Aliyev
Commander-in-Chief came to Shusha for first time in 30 years and, frankly, does not want to leave - President Aliyev
Those who grew up over 17 years have liberated these lands - President Aliyev
Prepare report here, not in your cabinets - President Aliyev to international organizations
Global COVID-19 deaths surpass 2 mln
People of Azerbaijan will live in Shusha forever - President of Azerbaijan
All martyr families will be provided with apartments and houses by state - President Aliyev
In May 1992, Shusha was occupied as result of betrayal of PFPA-Musavat duo - President Aliyev
Today, I brought busts of our geniuses Khurshidbanu Natavan, Uzeyir Hajibayli and Bulbul to Shusha - President Aliyev
It is impossible to imagine Shusha without Jidir Duzu, and Azerbaijan without Shusha - President Aliyev
Mausoleum of Molla Panah Vagif was inaugurated exactly 39 years ago, I was standing right here - President Aliyev
After desecrating busts of our genius personalities, Armenians took them to Armenia to be melted down and sold - President Aliyev
Armenia must answer in international courts - Azerbaijani MFA
I said no, we will take these busts back only after liberating Shusha from enemy, put them in their original places - President Aliyev
Iran ready to establish joint automobile company in Iraq
Kyrgyzstan’s public debt reaches USD 4 bln 887.46 mln
Turkey reports over 8,000 new COVID-19 cases
UK records another 55,761 coronavirus cases, 1,280 deaths
Israel has vaccinated over 2 mln people against COVID-19
Britain tightens borders to keep out new COVID-19 strains
Kazakhstan's national operator for main oil pipelines reports decrease in oil transport
Int'l community must condemn Armenia's actions against Islamic religious monuments - Azerbaijani MP
Azerbaijani Economic Council holds first meeting in 2021
Shusha's residents proud of seeing Azerbaijani president in Shusha city
Group supporting Russian export to Azerbaijan renders assistance for foreign trade transactions in 2020
President of International Judo Federation congratulates Azerbaijani president
Azerbaijan increases total volume of exported gas in 2020
European Gymnastics to focus on competitions planned for 2021
Azerbaijan's foreign trade balance remains positive in 2020
Export operations between Azerbaijan and Australia greatly increase
Azerbaijan establishes National Agency for Mine Clearance of Territories of Azerbaijan
Int'l structures willing to cooperate for 'Green Energy Zone' in Azerbaijan's Karabakh (PHOTO)
Georgia reveals volume of electricity imported from Azerbaijan
Georgian Hualing Group implements new construction project
Georgia outstripping European preferences for innovations in some areas - MasterCard
Afghanistan always supports Azerbaijan in its just cause - Ambassador
Azerbaijani, Finnish FMs discuss latest situation in region
Whole world to see rapid economic recovery in Azerbaijan's liberated lands - Russian MP
Azerbaijani, Russian FMs exchange views on tasks of Jan. 11 joint statement
Georgian Enguri HPP rehabilitation project carried out with support of EBRD and EU
President of Georgia, NATO Secretary-General to meet in Brussels
How can leaders of Muslim countries be friends with country that destroyed mosques? - President Aliyev
President Aliyev presented Holy Quran to Saatli Mosque
In near future, we will ensure restoration of Shusha in planned manner - President of Azerbaijan
Despite all pressures, phone calls and threats, I said that we would go to end - President Aliyev
I have come to Shusha using the victory road - President Aliyev
Great return begins, all work has begun - President of Azerbaijan
Uzbekistan, Tajikistan resume regular flights
Azerbaijan sees growth trend in car insurance segment
Azerbaijan’s PASHA Bank ends 2020 with big profit
Wells Fargo profit beats Wall Street estimates as credit costs fall
Citigroup quarterly profit beats estimates as loan loss provisions slow
OSCE Chairperson-in-Office appoints Special Representative for South Caucasus
Parliament's plan on steel sector to damage Iran's exports - Steel Producers Association
Azerbaijan announces starting date for COVID-19 vaccination
Port of Baku starts cooperating with Belgium-based int'l training center
Azerbaijani ombudsman visits persons detained during anti-terror operations in liberated lands
Most of Uzbekistan’s population to be provided with COVID-19 vaccine
International DOPPELMAYR to finish construction of Georgian ropeway
Demand for marble products of plant in Turkmenistan’s Akhal region increased
All news