Major events in Caspian countries' oil and gas industry for week

Major events in Caspian countries' oil and gas industry for week

Name of BP Azerbaijan's new president announced

Gordon Birrell will succeed Rashid as BP's Regional President for Azerbaijan, Georgia and Turkey (AGT), with effect from November 15, 2012, BP Azerbaijan's press release says.
Gordon is currently Head of Safety and Operational Risk for BP's Production Division, responsible for driving improvements in BP's operating quality across the company's global Production Division.

BP also announced today the appointment of Rashid Javanshir as Senior Vice-President, Strategy and Integration, based in London. Rashid has led BP's regional business in Azerbaijan, Georgia and Turkey since September 2009.

SOCAR becomes major gas distributor in Georgia

By acquiring ITERA Georgia the State Oil Company of Azerbaijan (SOCAR) became the only gas distributor in Georgia (with exception of Tbilisi), SOCAr President Rovnag Abdullayev told journalists.

He said a contract on acquiring these assets has been considered for a long time. All the risks were assessed and finally a decision was taken to acquire ITERA.

With regard to cost of acquired assets, Abdullayev said that it is trade secret and stressed that they did not cost SOCAR "high price".

As for possible review of SOCAR's contracts in Georgia by the new government of this country, Abdullayev said that SOCAR is a company of international level with rating of major rating agencies and fulfils all its contracts in accordance with international norms.

BP prepares to send parts of new platform in Caspian Sea

The pre-drilling process under the Chirag oil project will be completed by the end of the year, BP Azerbaijan, which acts as the operator of the ACG's development, said.

"Pre-drilling is carried out from the drilling rig Dede Gorgut. The work will be completed by the end of the year," the company said.

The jacket of the new platform West Chirag will be sent to the sea after the completion of pre drilling, and the upper modules will also be sent after its installation, BP said.

The process of connecting subsea infrastructure to the existing platform in the deep part of Guneshli has ended, the company said.

"All the works have been completed and work of the platform has been restored. Currently, daily volume of the production at the platform is 110,000 barrels," BP noted.
As the company said, in general, ACG daily oil production volume fluctuates in the range of 650,000-700,000 barrels.

SOCAR Energy Georgia committed to obligations

SOCAR is completely committed to all of its contracts and obligations, source at SOCAR Energy Georgia, which represents the interests of SOCAR in Georgia, said.

"We, for our part, are committed to all of our contracts and obligations and fulfill them properly," the representative of SOCAR Energy Georgia said

According to him, contracts signed with investors should be transparent. He noted that current agreements with them will necessarily be reconsidered.

"We're not going to turn away any investor. We want to put just requirements forward. A Georgian citizen paying the same rate as one belonging to a developed country is absolutely unfair," the minister added.

The representative of SOCAR Energy Georgia believes that these statements are a side effect of the process of familiarization with the affairs and situation, which has just begun.
A better understanding of the situation will be on the basis of mutual consultation during the familiarization, the source said.

Fitch affirms SOCAR's rating

Fitch Ratings has affirmed State Oil Company of the Azerbaijan Republic's (SOCAR) Long-term foreign currency IDR at 'BBB-' with a Stable Outlook.
Short-term foreign currency IDR was affirmed at 'F3', the Agency said in its report.

Iran invests $4 billion in gas field development plan

Iranian Offshore Oil Company (IOOC) has inked a deal, worth $4 billion, with Iran's Petropars Company, for the development of the Farzad A gas field located in the Persian Gulf, the Mehr News Agency quoted IOOC's managing director Mahmoud Zirakchianzadeh as saying.

"The field is projected to yield one billion cubic feet of gas per day," he added.

On October 14, Zirakchianzadeh said that Iran has prepared new oil development plans, with an estimated cost of $14 billion, related to oilfields located in the Persian Gulf.

"During the past two years, as much as $20 billion worth of deals have been signed," he said, "Some $14 billion worth of new deals have been prepared and will be offered to contractors," he added.

The deals are related to Farzad A & B, Soroush, Esfandyar, Tossan, and Alfa fields, Zirakchianzadeh noted.

Iran's private sector exports over 20 million barrels of oil over 4 months

The Iranian private sector has exported over 20 million barrels of crude oil to international markets during the past four months, circumventing the West's sanctions targeting the Islamic Republic's oil sector, the Mehr News Agency quoted the chairman of the union of Iranian exporters of oil derivatives, Hassan Khosrojerdi, as saying.

"A number of new consignments will be also exported to Asian and European markets within the next few days," he added.

On September 9, the private sector delivered the first shipment of crude oil to foreign buyers, despite the U.S. and EU sanctions.

"An agreement has been made that allows an Iranian consortium comprising private firms to export 20 percent of its oil exports to international markets, including the EU," Khosrojerdi said.

"This equates to around 400,000 to 500,000 barrels of oil per day," he added.

Economic experts say that Iran's private sector will fill the gap created by international sanctions on Iran's oil sector and central bank.

Uzbekistan to start developing gas condensate fields early in 2013

Uzbekneftegaz will start developing gas condensate fields on the border with Turkmenistan in the first quarter of 2013, a source in the government circles said.

According to the source, the feasibility study of a project with an estimated cost of $320 million has been completed.

The project provides for the accelerated development of the 7 fields, including the largest Samantepa, Girsan and Taylyak, which have been discovered in the early 90's, but have not yet been developed.
The field's reserves are not disclosed.

Drilling of wells using new technologies, as well as construction of the associated infrastructure are planned within the project. The field development will allow production of up to 3.5 billion cubic meters of gas per year by 2017.

The project is financed through Uzbekneftegaz's own funds.

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