Major events in Caspian countries' oil and gas industry for week (Sept.24-28)

Forecast volumes of oil and gas production announced in Azerbaijan in 2012

According to the forecasts, around 45-47 million tons of oil will be extracted in Azerbaijan in 2012, head of the Azerbaijani Ministry of Industry and Energy's office Rasim Mammadov said.

He said that the volume of gas production is forecast at 27 and more billion cubic meters.

Concerning the issues of reducing the volume of oil production in Azerbaijan, Mammadov said that in accordance with the contract on the block of the Azeri-Chirag-Guneshli fields (ACG), 2011 was a peak year in terms of production. Therefore, the reduction, as well as further stabilisation of production, is envisaged in advance.

He added that the Chirag oil project implementation will stabilise oil production volumes at ACG.

SOCAR to announce major investment directions in 2013

SOCAR has announced the primary investment directions in 2013.

"Investments in infrastructure, linked to oil and gas production, refinery plants in Turkey and Azerbaijan, construction of TANAP as well as broadening of gas station network abroad are going to be the main directions in 2013",- the deputy president of the company on financial issues Suleyman Gasimov reported.

In his words, next year the internal investments of the company will stand by 1 billion dollars.

" Internal activities, drilling, construction of infrastructure, overpasses, platforms and some other internal assets will require contributions to the amount of around 1 billion of dollars",-Gasimov said.

In his words, the volume of investments abroad has not been specified yet.

Turkey to grant discounts for TANAP project

Discounts will be granted for the TANAP pipeline as well in the framework of the economy and a business stimulus package in Turkey which was previously approved by Parliament, Hurriyet newspaper reported.

The Turkish ministry of finance and ministry of energy and natural resources are developing the discount package for TANAP project. The value added tax will be eliminated for local and imported equipment and machines for project realisation.

Following the completion of the project investment, TANAP will be able to receive a premium on employment insurance. It will also be free of custom taxes and the tax burden will be reduced.

Turkish private sector agrees with Russian Gazprom on gas import

Turkish private sector, in particular "Akfel", "Bosphorus", "Batı Hattı" and "Kibar Enerji", have reached a final agreement on gas imports with the Russian company "Gazprom", head of the Turkish Energy Market Regulatory Authority (EPDK) Hassan Koktas said today, Zaman newspaper reported.

According to the agreement of the sides, "Akfel" company will import 2.25 billion cubic meters of gas a year from Russia, "Bosphorus" - 1.75 billion cubic meters of gas, "Batı Hattı" and "Kibar Enerji" companies - 1 billion cubic meters of gas per year each.

Iran starts building underground oil tanks

Iran has started building strategic underground oil tanks with a capacity of storing up to 10 million barrels of oil, ISNA reported.

The project will cost $2.2 billion and has entered executive phase and will be implemented by the IRGC Khatam al-anbyia base.

TurkmenOil to sign contract with Camesola Investments

TurkmenOil will sign a contract on special services for increasing oil and gas well debit for financing through company investment funds, official Turkmen source reported.

The decree was signed by President Gurbanguli Birdimuhamedow. The contract will be signed "in order to increase capacity of oil and gas wells through implementation of modern technologies and special equipment"

Establishment of TAPI gas pipeline consortium discussed in Ashgabat

Ashgabat hosted a meeting of the steering committee for the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project. Plans on the formation of an international consortium were determined, the Turkmen Ministry of Petroleum and Mineral Resources said.

'Plans for the near future related to the accelerated implementation of the transnational pipeline construction project were determined at the meeting of the steering committee which was held in a constructive format', the information said.

Heads of ministries and representatives of all the project's member states and the Asian Development Bank (ADB) attended a meeting.

Participants have also considered and approved the main report of the meeting of the technical working group on TAPI gas pipeline project. Issues related to the technical aspects of promoting the TAPI project were agreed.

According to the information, Turkmenistan has assumed specific commitments and is fulfilling them. This is a guarantee of additional dividends to all business entities that are interested in investing funds in this ambitious project.

Buried Hill to propose development of Caspian hydrocarbons to Turkmenistan

Turkmen president Gurbanguli Berdimuhamedow met with the head of the Buried Hill Energy board of directors Roger Haines and general executive director of the company Peter Kallos, Turkmen government reported.

The company presented a proposal package regarding the development of promising hydrocarbon fields in the Turkmen sector of the Caspian Sea and training of national personnel for this field.

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