Major events in Caspian countries' oil and gas industry for last week (nov. 21-26)

Azerbaijan, EU discuss cooperation on energy prospects

Azerbaijani Minister of Industry and Energy Natiq Aliyev received a delegation headed by the European Commission's Vice-President in charge of transport Siim Kallas. Both sides discussed the prospects of energy cooperation between Azerbaijan and the EU, Baku's role in the EU energy security and of importance the recently signed agreement on transit of Azerbaijani gas through Turkey. The two sides also discussed the possibility of transiting Azerbaijan's infrastructure on energy transportation from the east coast of the Caspian Sea to Europe.

Turkmenistan and China sign agreement on additional gas supplies

A new agreement on additional gas supplies via the Turkmenistan-China pipeline was signed.

The contract provides for an increase in the gas supplies for 25 billion cubic metres of natural gas per year. It will bring the total volume up to 65 billion cubic metres of gas per year taking into account previous arrangements.

The Chinese media earlier reported that about 17 billion cubic metres of gas is due to be sent from Central Asia to China this year.

Fitch upgrades outlooks on Kazakh national company to positive

Fitch Ratings has revised the outlook on the Kazakh National oil&gas Company KazMunaiGaz (KMG) to positive from stable and affirmed its ratings.

The rating actions reflect the agency's upgrade of Kazakhstan's long-term foreign and local currency IDRs to 'BBB' from 'BBB-' and 'BBB+' from 'BBB'.

Oil giants to cooperate in eliminating oil outflow in Kazakhstan

Major oil companies in Kazakhstan have signed a terms of reference document to eliminate the oil outflow in Kazakhstan.

This was signed by representatives of the North Caspian Operating Company B.V., ConocoPhillips N block B.V. KazMunayTeniz (KMT) and Tengizchevroil.

Agreement signed to develop two oil fields in Uzbekistan

British-Canadian Tethys Petroleum Company and the National Holding Company

Uzbekneftegaz signed an agreement of proposals to provide new contracts to increase the production rate in two oil fields - Chegara and West Kruk in Uzbekistan.

The company said that the signed document shows the agreed timetable for the negotiations on two new contracts for the period till May 1, 2012.

It is expected that these contracts will be similar to the terms of those relating to the North Urtabulak field concluded by Tethys which has been successfully operating for nearly 10 years.

Dragon Oil drills new well in Turkmen section of Caspian Sea

The UAE's oil and gas company Dragon Oil has successfully completed the next stage of drilling work on the Turkmen section of the Caspian Sea.

The well drilled on the Jeytun field (LAM) B/162 has a daily production rate of 1096 barrels of oil at a depth of 29,700 feet.

The company operates in the Eastern sector of the South-Caspian basin - on the contract area of Cheleken, where the total area of contractual territory is 950 square kilometres. It includes oilfields Jeytun, Jigalibek and Chelekengummez.

The company earlier announced its plans to allocate $600-700 million to improve its oil infrastructure, $250 million of which will have been spent this year.

According to plans launched this year, it is planned to complete the drilling of 11 wells and increase the number of developed ones to 40 in total by 2013.

SOCAR resumes drilling at large gas condensate field

SOCAR resumed drilling the second exploration well in the offshore gas condensate Umid field. As a result of drilling the well depth will hit 6500 metres. The Field is located 75 kilometres from Baku.

It is planned to complete the well drilling in late 2011, early 2012.

According to SOCAR's specialists, there are over 200 billion cubic metres of gas and 40 million tons of condensate at Umid field.

Drilling resumed at new large gas field in Azerbaijan

The partners developing Absheron large gas field in the Azerbaiajni sector of the Caspian Sea resumed drilling the first exploration well on the field.

Partners in Absheron are SOCAR (40 per cent), Total (40 per cent), and Gaz De France Suez (20 per cent).

The necessary equipment was brought and installed to resume the drilling operations. At present, the depth of the well exceeds 6750 metres.

The drilling operations are conducted from the Heydar Aliyev floating drilling rig where Danish company Maersk Drilling acts as an operator.

It is planned to drill a side-track to a depth of 1500 metres to get more detailed information about the field from the same well at a depth of 4000 metres.

The field's potential reserves hit 350 billion cubic metres of gas and 45 million ton of condensate.

BP resumes appraisal well drilling in Caspian Sea

The British company BP, which is the technical operator of a project on the development the Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea, resumed drilling the evaluated well SDX-07a which has a depth of 4750 meters.

The well depth must hit 6300-6400 metres as a result of drilling.

Based on the previous BP report on the first half, the completion of drilling of this well was planned for the first quarter of 2012.

New auction to be held for Azerbaijani Finance Ministry's mid-term bonds
New auction to be held for Azerbaijani Finance Ministry's mid-term bonds
Iran to send trade attaché to Azerbaijan
Iran to send trade attaché to Azerbaijan
Weekly review of major events in Azerbaijan's oil & gas sector
Weekly review of major events in Azerbaijan's oil & gas sector
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