Major events in Caspian countries' oil and gas industry for last week (June 11-16)

Analysis Materials 18 June 2012 14:25 (UTC +04:00)

Azerbaijan's estimated gas reserves exceed 2.5 trillion cubic meters

Estimated gas reserves in Azerbaijan hit a 10 billion ton oil equivalent, SOCAR first vice president on geophysics, geology and mining Khoshbakht Yusifzade said during the international conference "Potential of hydrocarbons at great depths: energy resources of the future - reality and forecast" in Baku.

He said that the estimated gas reserves in Azerbaijan are estimated at six trillion cubic meters and projected oil reserves are four billion tons.

The country's proven gas reserves are estimated at 2.55 trillion cubic meters, oil is two billion tons.

Turkmenistan to examine underwater pipeline construction technologies

Turkmen President Gurbanguly Berdimuhamedov has urged the scientists of the Academy of Sciences to develop innovative pipeline-building technologies for the Caspian Sea bed, the Turkmen government said.

The president said fundamental research must be conducted in Turkmen seismology. The international cooperation must be expanded in the field of seismology. New techniques and technologies must be introduced.

Submersible drilling rig commissioned in Kazakhstan

Kazakhstan National Petroleum Company KazMunaiGas (KMG), together with the Korean Consortium Caspian oil project commissioned a submersible drilling rig, KMG said.
Submersible drilling rig was called Caspian Explorer.

This installation is the first offshore drilling rig, built in Kazakhstan. It is designed to work in shallow water (2,5-5,5 m) with a maximum drilling depth of 6000 meters.

Oil pumping resumed through Baku-Supsa pipeline

BP is the operator developing "Azeri-Chirag-Guneshli" (ACG) fields. It has resumed oil pumping through the Baku-Supsa oil pipeline, stopped since May 15 for planned maintenance work, the company said.

The operations were carried out within the work program previously approved for this year to develop the block of oil and gas fields Azeri-Chirag-Guneshli (ACG).

Production on all ACG platforms, as well as "Shah Deniz" platform and export operations through Baku-Tbilisi-Ceyhan (BTC) and South Caucasus gas pipeline during the whole period of the maintenance of the pipeline continued as usual. Shipment in Ceyhan was also carried out as planned.

Sangachal terminal has worked to coordinate its daily activity with the prophylactic work on the Baku-Supsa pipeline.

Oil minister: Iran will never sell oil cheaply

Iranian Oil Minister Rostam Ghasemi warned the U.S. and the European Union that they will hurt themselves in their embargo of Iran's oil.

Following the conclusion of OPEC's June 14 meeting in Vienna, Ghasemi also warned Saudi Arabia not to use oil as a tool against Iran, the Iranian Students' News Agency (ISNA) reports.

It was reported that Saudi Arabia has assured the U.S. and the EU that it can boost production and replace the oil which Iran sells to the world.

Using sanctions or military intervention against oil producing countries will only drive up global oil prices and destabilize the oil market, Iran's Oil Minister said.

When asked if Iran will be forced to sell its oil at a deep discount because of the sanctions against it, Ghasemi replied "never".