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Major events in Caspian countries' oil and gas industry for last week (June 04 - 09)

Analysis Materials 11 June 2012 15:58 (UTC +04:00)
The 19th International Caspian Oil and Gas, Refining & Petrochemicals Exhibition and Conference, the Caspian region's biggest event, has opened in Baku. President of Azerbaijan Ilham Aliyev attended the opening ceremony.
Major events in Caspian countries' oil and gas industry for last week (June 04 - 09)

Major events in Caspian countries' oil and gas industry for last week (June 04 - 09)

Caspian Oil and Gas opens in Baku

The 19th International Caspian Oil and Gas, Refining & Petrochemicals Exhibition and Conference, the Caspian region's biggest event, has opened in Baku. President of Azerbaijan Ilham Aliyev attended the opening ceremony. President Aliyev addressed the event. The event is organised by ITE Group plc and Iteca Caspian, with support from ITE's international partners - ITE Moscow, EUF (Turkey), GiMA (Germany), ITE China and ITE Gulf (Dubai).

BP: Up to $45 billion required to implement Shah Deniz 2 and create infrastructure for gas supplies to Europe

The volume of investments for the implementation of the second stage of development of Azerbaijani Shah Deniz gas condensate field in the Caspian Sea and the establishment of all the necessary infrastructure to supply gas to Europe could reach $40-45 billion, President of BP for Azerbaijan, Georgia and Turkey Rashid Javanshir during the 19th International Caspian Oil & Gas Exhibition and Conference in Baku.

He said the implementation of the second stage of the Shah Deniz development and the expansion of the gas transport infrastructure in Azerbaijan and Georgia may require about $25 billion dollars.

Azerbaijani gas may be alternative to Iranian gas for Turkey

If Iran and Turkey fail to agree on gas prices, Ankara will look for new sources of supply. In this case, Azerbaijani gas may be an alternative to Iranian gas, Turkish Deputy Minister of Energy and Natural Resources Murat Mercan said in an exclusive interview with Trend today.
"The arbitration process between Turkey and Iran is still underway," he said. "If the parties fail to agree on the prices, Turkey may abandon Iranian gas. Then Turkey will seek alternatives, including Azerbaijani gas."

Shah Deniz receives concept revision proposals

The ITGI project has presented proposals to revise its concept to the Shah Deniz consortium.
IGI-Poseidon CEO Elio Ruggeri said during the 19th International Conference Caspian Oil and Gas in Baku.

He said a consortium of Shah Deniz expressed its consent to the proposal to revise the configuration of the project.
The project will continue the search for alternative sources of gas in the case of a negative response with respect to new proposals from a consortium of Shah Deniz.
Earlier, in February, Shah Deniz consortium excluded ITGI project from the list of possible export routes for the transportation of Azeri gas to Europe.

SOCAR explores offshore areas

The Geophysics and Geology Department under SOCAR conducted sonar work to the volume of 782.6 kilometres of the drilling of the first exploratory well in the prospective Goshadash structure, as well as in the area of two platforms and a compressor station on the field Oil Rocks, the department said on Monday.

Operations were conducted on the Hovsan-Deniz and Zig sites.

SOCAR announces figures of second well on Umid field

State Oil Company of Azerbaijan (SOCAR) has mastered a second well on the field Umid in the Azerbaijani sector of Caspian Sea, said in a statement released by SOCAR on Friday. According to the report, daily production rate of the well is 1.2 million cubic meters of gas and 150 tons of condensate. According to SOCAR, the results of drilling of the first exploratory well suggest that the reserve's volume exceeds 200 billion cubic meters of gas and 40 million tons of condensate.

Georgian Ministry of Energy sells general licenses to develop three oil and gas blocks

Agency of Natural Resources operating under the Ministry of Energy and Natural Resources conducted a tender for the purchase of a general license for the development of 4 blocks of oil and gas resources. The tender was attended by Georgian-British oil company International Oil Consortium and the Georgian ELENILTO GEORGIA, Georgian Ministry of Energy told Trend.

Kazakh oil refinery signs loan agreement with China Exim-Bank

Chinese Export-Import Bank (EXIM) will provide the Kazakh Atyrau Refinery with a loan to build an integrated refining complex. The agreement on loan delivery was signed on June 6 within the visit of the Kazakh delegation headed by Kazakh President Nursultan Nazarbayev to China, the Kazakh Oil and Gas Company KazMunaiGas reported.

The loan amounts to $1.13 billion. The term of the loan is 13.5 years.

OSCE cooperates with Turkmenistan in energy security

The OSCE Centre in Ashgabat, in co-operation with the Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA), organized the workshop, which was held in Turkmenistan's capital recently. Energy diplomacy and key principles and concepts of cross-border gas trade were the topics of the OSCE-supported workshop. During the workshop, international experts from Canada, the United Kingdom and the United States discussed cross-border pricing in global gas markets, legal aspects of pipelines crossing seas and international lakes, key common law concepts, as well as agreements in the global gas industry and spot markets and negotiating international gas sale contracts.

Turkmengaz signs framework agreement with CNPC

A framework agreement on cooperation to transport an additional amounts of natural gas from Turkmenistan to China was signed between the state concern Turkmengaz and the China National Petroleum Corporation in Beijing, the Turkmen government said today.

According to the document, the volume of Turkmen natural gas delivered to China each year will reach up to 65 billion cubic meters.

'According to experts from both countries,the volume of Turkmen natural gas delivered to China will reach 30 billion cubic meters from early 2010 to July 1, 2012', the information said. 'This figure will rise up to 44 billion cubic meters by late 2012'.

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