SOCAR increases capital in Turkish JV
The State Oil Company of Azerbaijan (SOCAR) has increased paid-up capital in the Turkish joint venture from 200 million lira to 2.4 billion lira ($1.3 billion). SOCAR-TURCAS was renamed as SOCAR Turkey Enerji after increase of SOCAR's share in the venture
The total amount of the joint venture's investment portfolio hits $7 billion.
Drilling of first well at new major field completed in Azerbaijan
Drilling of the main hole of the well at large gas field Absheron in the Azerbaijani sector of the Caspian was completed, as a result Nadkirmakin suite was opened at 6,875 meters depth. Drilling of the well was carried out using the Heydar Aliyev semi-submersible drilling rig operated by Denmark's Maersk Drilling. Currently testing of Break suite is underway. Opening of Nadkirmakin suite showed positive results. It is planned to drill the side well bore up to 1,500 meters from the depth of 4,000 meters to receive more detailed information on the field. The project partners are SOCAR - 40 percent, Total - 40 percent and Gaz De France Suez - 20 percent. The Absheron field's potential reserves are estimated at 350 billion cubic metres of gas and 45 million tons of condensate
Lukoil extracts first gas in south of Uzbekistan
Lukoil Overseas, the operator of international mining projects of the Russian LUKOIL national company, extracted its first gas within a production sharing agreement (PSA) to develop gas reserves in South West Gissar (Kashkadarya region, south of Uzbekistan).
The company extracted gas in the largest gas field of the block - Jarkuduk - Yangi Kyzylcha
The planned production in Jarkuduk will initially reach 1.1 billion cubic metres of natural gas per year. It is also planned to commission large fields Adamtash and Gumbulak. The volume of investments will hit more than $ 1.2 billion and the planned level of gas production, 5.8 billion cubic meters a year.
Iran, UAE come to terms on drilling in Turkmen waters
Iran and the United Arab Emirates have agreed on extending the drilling operations in the Turkmen section of the Caspian Sea. the Iran-Khazar Jack-up rig has been in operation in the Turkmen section of the sea for five years, and that the NDC has extended the contract with the UAE contractor until 2013
Azerbaijan registers two representative offices of British BP
Representative office of the BP Exploration (Shafag-Asiman) Limited was registered in Azerbaijan. Head of the office is Rashid Javanshir, who is also the head of "BP-Azerbaijan". Founder is BP Exploration (Shafag-Asiman) Limited (United Kingdom of Great Britain and Northern Ireland). Also, the country registered representative office BP Shafag-Asiman Limited, official representative of which is Rashid Javanshir. BP-Azerebaijan and Caspian Geophysical signed a contract to carry out 3D-seismic in May. The SOCAR and BP signed the PSA on "Shafag-Asiman" for a period of 30 years. The exploration period is 4 years with possible prolongation for another 3 years. The first stage of exploration works envisions drilling of two wells. The second one assumes drilling of two more wells, if necessary. As the sides go over to the production stage, they will operate the project jointly. The two companies hold equal interests in the project. "Shafag" and "Asiman" structures are located 125 kilometers to the south-east of Baku.