Major events in Caspian countries' oil and gas industry for last week (April 23-28)

EC, Azerbaijan can complete talks on guarantees for Trans-Caspian gas pipeline in mid-2012

Talks between the European Commission and Azerbaijan on guarantees for the Trans-Caspian gas pipeline could be completed in mid-2012, EU Energy Commissioner Guenther Oettinger said at the lobby of the conference Energy Dialogue Russia - EU: Gas Aspect. It was reported earlier that an intergovernmental agreement, which should fix quota of Turkmen gas in a project of the Southern energy corridor should be signed between Azerbaijan and Turkmenistan with the assistance of the European Commission. According to experts, legal basis for the construction of the Trans-Caspian gas pipeline, which guarantees freedom of transit of fuel in Europe can be created this way.

SOCAR, Bulgarian Energy Holding sign memorandum of understanding

SOCAR and the Bulgarian Energy Holding signed a memorandum of understanding on cooperation in Baku. The memorandum was signed during a Bulgarian delegation led by Prime Minister Boiko Borisov's visit to Azerbaijan. Bulgaria intends to purchase Azerbaijan gas. Earlier, SOCAR and Bulqartransqaz created a working group which is considering a project of supplying Azerbaijani gas to Bulgaria.

Shah Deniz consortium waits for formal submission from SEEp and Nabucco West

The consortium of Azerbaijani Shah Deniz field development waits for the formal submission from the projects on Central European pipeline route by May 16, BP's Vice President for Shah Deniz Development Alasdair Cook said. "For this route we are currently considering two options - SEEP (South East Europe Pipeline) and Nabucco West, a new proposal has been recently provided by Nabucco. We are pleased to see the continued progress of these options and are waiting for formal submissions from them by May 16," Cook said. He added that this will enable consortium to make a fully informed decision for Central European route in June. "Once that has been done, we'll then work with the winner of the Central European route and TAP to develop these projects further," he said.

Preliminary date of work under Shah Deniz 2 revealed

According to a preliminary schedule provided for the work, the export of gas in the second stage of the development of Shah Deniz gas condensate field may begin in early April 2017, a source in oil and gas market said. The source noted that according to the schedule, the construction of two platforms, which are provided in the second phase of field development, should be completed before the end of 2015. The platform and the necessary infrastructure must be ready to operate in October 2016. Accordingly, a contractor of construction works will be officially announced in December 2012 - January 2013, the source said. "Determination of the contractor during this time frame will allow to fully mobilize in the first half of the year, and to start construction in July," the source said.

SOCAR completes 3D-seismic survey in land area

SOCAR has completed 3D geophysical studies on the Padar land area and the adjacent block of prospective structures. The operator is Kura Valley Development Company. The Russian RussNeft has an 80 percent and SOCAR's affiliated company - 20 percent. Also, SOCAR will deal with the processing and interpretation of received data.

Gazprom does not plan gas swap transactions with Central Asian countries

Russian Gazprom unlikely to permit Kazakhstan and Uzbekistan to sell their gas to Europe through its pipelines, Gazprom's Information Department said. "It will unlikely to take place," the Information Department said.

Fitch assigns Georgian Oil and Gas Corporation 'BB-' rating

Fitch Ratings has assigned Georgian Oil and Gas Corporation JSC (GOGC) a Long-term foreign and local currency Issuer Default Rating (IDR) of 'BB-'. The Rating Outlook is Stable.

Malaysian firm Petronas to reduce resource base in Uzbekistan

Malaysian Petronas Carigali Overseas Sdn. Bhd. (Petronas) and the National Holding Company (NHC) Uzbekneftegaz have reached an agreement to withdraw from the Production Sharing Agreement (PSA) in the Urga field to develop gas condensate fields in the Ustyurt region of Uzbekistan. This decision was made due to the fact that Petronas considers further development of the field unprofitable. Decree which legally confirms the change of the resource base of the investor, may be signed in April - May 2012. Withdrawal from the project in the Urga field will not mean the termination of the PSA with Petronas on Ustyurt. The Malaysian company will continue to work in the fields of the Kuanysh and Akchalak group in the Ustyurt region which are included in the PSA.

Deputy Finance Minister: Georgia ranks first in Europe with economic growth rate according to IMF
Deputy Finance Minister: Georgia ranks first in Europe with economic growth rate according to IMF
Kazakhstan’s FlyArystan launching direct flights to Georgia
Kazakhstan’s FlyArystan launching direct flights to Georgia
ADB focuses on renewable energy projects in Georgia
ADB focuses on renewable energy projects in Georgia
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