President: Azerbaijan supports involving French companies in TANAP project
President of Azerbaijan Ilham Aliyev has today met businessmen from the MEDEF, Movement of the Enterprises of France, in Paris, as part of his working visit to France.
Addressing the event, President Ilham Aliyev said that at present the country is working with its partners in ensuring European energy security. President Ilham Aliyev noted Azerbaijan supports involving French companies in TANAP project.
Minister: Azerbaijan interested in stable oil production volume
Today Azerbaijan does not need to increase the level of oil production, Azerbaijani Industry and Energy Minister Natig Aliyev told journalists. He said the country is interested in stable volumes of crude production.
"In particular, stable volume of oil production in Azerbaijan will be at least 40 million tons a year," he said. "Not a high level, but a stable level of production is more important for us."With regard to a decrease in the oil production level on the block of oil and gas fields at Azeri-Chirag-Guneshli in the Azerbaijani sector of the Caspian Sea, Aliyev stressed that this block is quite young and a decline in production cannot be associated with natural causes.
Conducting preventive maintenance work on platforms and wells which is necessary in view of security often causes a slight decline in production.
According to Aliyev, British BP conducts the necessary work for drilling operations in the field as well as maintenance of the platforms and the existing infrastructure on the block.
Minister: Azerbaijan to consider possible transit of Turkmen gas after decision on Trans-Caspian gas pipeline
Azerbaijan is ready to consider possibility of transit of Turkmen gas through its territory after Turkmenistan will take a decision on the construction of the Trans-Caspian gas pipeline, Azerbaijani Industry and Energy Minister Natig Aliyev told Trend on Tuesday.
He said the Trans-Caspian gas pipeline is not Azerbaijani project and its implementation does not depend on Azerbaijan.
"Turkmenistan's position plays an important role in this project. If Turkmenistan considers the project important, and sees it as a access to the Western market, Azerbaijan supports this idea. In turn Azerbaijan will create all the conditions for the construction of the pipeline on its section," Aliyev said.
"Negotiations are ongoing and there are difficulties associated with the commitments," Aliyev said. "First, Turkmenistan declared its intention to export at least 30 billion cubic meters. Secondly, the EU should guarantee that it will buy the gas. Thirdly, the financing issue of the pipeline is not yet defined yet".
Azerbaijani State Oil Fund's assets reach $33 bln
At present, the amount of assets of the State Oil Fund of Azerbaijan (SOFAZ) is $ 33 billion, SOFAZ executive director Shahmar Movsumov said at the conference "Oil, Gas and Media". SOFAZ assets increased by 30.9 per cent as of January 1, 2012 compared to early 2011 ($22.766.8 billion) and amounted to $29.8 billion. Its funds increased by 9.6 per cent and hit $32.666 million in the first six months of 2012. According to the forecasts, as of 2012, SOFAZ assets will reach $34 billion.
SOCAR to become contractor for BP projects in Azerbaijan
The State Oil Company of Azerbaijan (SOCAR) will become a contractor for projects implemented under BP operatorship in Azerbaijan, SOCAR President Rovnag Abdullayev told journalists.
The Bos Shelf Company, which is wholly owned by SOCAR, will act as a contractor," Abdullayev said.
Earlier SOCAR and the Star Gulf FZJO Company had equal shares in Bos Shelf.
As SOCAR President said, major companies such as McDermott, Saipem and other companies which previously acted as contract companies will act as subcontractors of Bos Shelf thereafter.
"Bos Shelf will use the services and assets of the Heydar Aliyev Baku Deep Water Jacket Plant," Abdullayev said.
Bos Shelf, which will act as a contractor of BP projects in Azerbaijan, will have to bring the structure into compliance with BP's requirements.
SOCAR announces drilling rig investment
SOCAR intends to invest $4 billion in the construction of four drilling rigs within five years, SOCAR head Rovnag Abdullayev told media.
The construction of the first rig will be started in late 2012 - early 2013. However, work under way to expedite the schedule.
Caspian Shipyard Company under Keppel will oversee construction of the second rig, Bos Shelf. The new drilling rigs are needed for proposed sites at "Babak" and additional operations at "Absheron" and the "Shah Deniz" fields.
According to SOCAR geologists, gas reserves may reach 400 billion cubic meters.
SOCAR starts gas supplies from 'Umid' field
The State Oil Company of Azerbaijan (SOCAR) has started gas supplies from "Umid" field to the country's gas transportation system, SOCAR President Rovnag Abdullayev told journalists. He said daily flow rate of the well, from which supplies are made, is 1.2 million cubic meters of gas and 150 tons of condensate.
SOCAR specialists believe that according to the results of drilling of the first exploratory well, volume of reserves exceeds 200 billion cubic meters of gas and 40 million tons of condensate.
Kazakh JSC "EmbaMunaiGas" acquires right to develop oil fields under six contracts
JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") Board of Directors approved the transfer of subsoil use rights to JSC "EmbaMunaiGas" effective from 1 October, 2012 under the following six contracts, the company's press release says.
"The question is about the following contracts: No.37 Kenbay field; No. 61 SE Novobogatinskoye field; No. 211 Botakhan, Makat, Dossor, Tanatar, Kamyshitovoye, etc. 23 fields in total; No. 413 Prorva, Kulsary, Karaton, Koschagyl, etc. 15 fields in total; No. 327 Taisoigan field; No. 992 Novobogatinskoye West field," the press release says.
Eurasia Drilling Company extends contract for drilling operations in Turkmenistan
Eurasia Drilling Company Limited ("EDC"), the leading onshore and offshore drilling service provider in the CIS, today announces that it has been awarded a multi-year contract extension with PETRONAS Carigali (Turkmenistan) for drilling offshore Turkmenistan in the Caspian Sea, the company said.
Effective from January 9, 2013, our jack-up drilling rig SATURN is contracted for a three-year period.
SATURN is a Class CS MOD V (Keppel FELS B2427) class rig and was built in Baku in September 2000. The SATURN is capable of drilling in water depths of up to 107 metres, has a rated drilling depth capability of 7,986 metres and a BOP system rated to 15,000 psi.
Petronas operates in Turkmenistan on the basis of PSA contract signed in 1996. The contract area includes Diyarbakir, Magtymguly, Ovez, Mashrykov and Garagol Deniz fields. The explored reserves hit at least 1 trillion cubic meters of gas, more than 200 million tons of oil and 300 million tons of gas condensate. The contract area is about 1,467 square kilometers.
Turkmenistan and ADB road-show catches interest of large oil and gas companies
The world road-show for implementing the Turkmenistan-Afghanistan-Pakistan-India gas pipeline (TAPI) construction project has created interest with the leading world companies.
The show was conducted by Turkmenistan during September 9-20.
Representatives of U.S. companies Chevron, Exxon Mobil, British BP, BG Group, German RWE, Malaysian Petronas and were brought up to speed with the main terms of implementing the TAPI project. They expressed their intention to participate during business networking with the members of the expert group, consisting of the appropriate managers and specialists of economic and oil and gas departments of Turkmenistan, Afghanistan, Pakistan, India, and ADB representatives.
'It should be stressed that besides the leading companies specialising in oil and gas, many foreign financial and banking organisations showed great interest in the largest gas pipeline project in Asia', the statement said. The expert group will make a report to the TAPI project steering committee in the near future.