Major events in Caspian countries' oil and gas industry for week (March 25-30)

Major events in Caspian countries' oil and gas industry for week (March 25-30)

US Hess Corporation closes sale of interest in projects in Azerbaijan

The US Hess Corporation has completed the sale of its 2.72 percent interest in the development project of Azeri Chirag Guneshli (ACG) oil fields and its 2.36 percent interest in Baku Tbilisi Ceyhan pipeline (BTC) to India's ONGC, Hess reported.

The transaction value is $1 billion.

According to the report, adjusting for net cash flow received since the Jan. 1, 2012 effective date of sale, after tax net proceeds are 884 million dollars.

TAP submits transportation bid to Shah Deniz consortium

The Trans Adriatic Pipeline (TAP) project submitted a comprehensive transportation bid to the Shah Deniz consortium, said in report of TAP.

The DSP will be assessed by the Shah Deniz consortium as part of the project selection process.

Nabucco submits Pipeline Decision Support Package to Shah Deniz consortium

Nabucco Gas Pipeline International GmbH (NIC) has submitted a Pipeline Decision Support Package to the consortium of Azerbaijani Shah Deniz field development, NIC reported.

SOCAR starts drilling of two new wells in Caspian Sea

The State Oil Company of Azerbaijan (SOCAR) has started drilling of two wells in the shallow part of Guneshli field in the Azerbaijani sector of the Caspian Sea, SOCAR official website reported.

According to the report, the drilling of the wells by an order of the Oil and Gas Production Department (OGPD) "28 May" is being carried out by the Complex Drilling Works Trust.
The designed depth of the well on the "Gunashli-10" platform is 3,000 meters. According to forecasts, daily well yield is 100 tons of oil. In turn, the designed depth of the well on the platform "Gunashli-14" is 3,750 meters. From daily production of 150,000 cubic meters of gas and 15 tons of condensate is expected from the well.

SOCAR plans to increase oil production by two million tons by 2015

By 2015, the State Oil Company of Azerbaijan (SOCAR) plans to increase volume of oil production at its own fields by two million tons, SOCAR head Rovnag Abdullayev told reporters.

"At present, SOCAR is preparing a program, which does not aim at stabilizing oil production volume at old fields, but increasing the production", Abdullayev said.

He said this program covers both onshore and offshore fields, owned by SOCAR.

GIOGIE Energy Forum 2013 starts in Tbilisi

A two-day energy forum within a conference and exhibition in Georgia, GIOGIE 2013 started in Tbilisi on Tuesday. Vice Prime Minister, Energy Minister of Georgia Kakha Kaladze made the opening speech at the event.

The new Georgian government supports all energy projects which have been outlined in the past and especially are of regional character, Kaladze said.

"Georgia supports all international obligations on energy projects and is ready to fulfil its obligations," he said, stressing that the country also intends to become a regional energy hub whereby it continues to build new hydropower plants, whilst taking into account the requirements of ecologists.

Kaladze said that Georgia intends to cooperate with Azerbaijan and Turkey on gas supplies to Europe.

"These projects are a priority for Georgia and we are ready to further go in this direction," he said.

Ukraine's Energy Minister Eduard Stavitsky, who is also participating in the event told reporters before the conference that his country is interested in the transit of Azerbaijani and Central Asian oil and gas to Europe.

"Kiev wants to participate in gas supplies as well as the transit of gas to Europe and to this end we are holding a series of talks," he said.

Organiser of the conference and exhibition, held since 2002 is the Iteca Kavkasia Company.
The conference will be attended by the Minister of Energy of Ukraine Eduard Stavitsky, head of the EU mission in Georgia, Philip Dimitrov, representatives of the UK and Kazakhstan embassies, oil and gas companies and experts.

GIOGIE is traditionally attended by 150 delegates from 15 countries, as well as government delegations from Azerbaijan, Kazakhstan and Turkey.

The GIOGIE programme considers key international issues facing the global oil and gas industry, as well as current policy and regulations and how they affect the energy sector of Georgia.

Turkmenistan to optimise gas export capacity in 2013

Turkmenistan, being one of the key players on the gas market of the Caspian region and Central Asia, set itself a strategic goal to optimise its current capacities in the gas sector and increase the production of natural gas by 77 billion cubic meters, including about 44 billion cubic meters meant for export.

This is included in the five-year programme of the development of oil and gas sector of the country for 2012-2016, approved by President of Turkmenistan Gurbanguly Berdymuhamedov.

According to the programme, in 2012 production had to reach the number of 69 billion cubic meters, much of which is also meant for export.

Uzbekneftegaz, Lukoil and CNPC to jointly develop fields in Uzbekistan

Uzbekneftegaz National Holding Company, Russian oil company Lukoil and the China National Petroleum Corporation (CNPC) will jointly develop gas condensate fields in Uzbekistan, a source in the Uzbek company said.

According to the source, the government instructed the relevant ministries and agencies to prepare a draft agreement between Uzbekneftegaz, Lukoil and CNPC and equip Khojasayat section of the Dengizkul deposit, Khojadavlat and East Alat fields of the Karakul investment block, located in Bukhara -Khiva region.

He said that the agreement can be signed in the second quarter of this year.

The government also instructed to work out a preliminary feasibility study within a two-month period to equip, prepare and transport gas from Khojasayat section of Dengizkul deposit, Khojadavlat and East Alat fields.

Uzbekistan's official reserve assets decrease
Uzbekistan's official reserve assets decrease
Baku Stock Exchange places Azerbaijan's Finance Ministry state bonds at auction
Baku Stock Exchange places Azerbaijan's Finance Ministry state bonds at auction
Bahar Azadi gold coin price still falling in Iran
Bahar Azadi gold coin price still falling in Iran
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