SOCAR to get 20 per cent share in TAP project
SOCAR, BP and Total will get a 50 per cent stake broken down to 20, 20 and 10 per cent respectively, in the Trans Adriatic Pipeline gas pipeline project (TAP), SOCAR head Rovnag Abdullayev told journalists.
According to him, the work is currently underway within the legalisation.
Aker Solutions to provide equipment package for new drilling rig in Azerbaijan
Aker Solutions has won a contract from the Caspian Drilling Company Ltd (CDC) to provide a complete topside equipment package for a new semi-submersible drilling rig, the company said. The parties agreed not to disclose the value of the order which is due for delivery in the fourth quarter of 2016.
In early June, Caspian Drilling Company (CDC - 92.44 per cent of the equity owned by SOCAR) and Singapore's Keppel signed an agreement to build a new rig for work in the Caspian Sea.
The cost of the new floating drilling rig together with taxes is slightly over $ 1 billion.
SOCAR and Rosneft consider possibility of participating in joint projects
The State Oil Company of Azerbaijan Republic (SOCAR) and Russia's Rosneft are considering the possibility of participating in joint projects both in Azerbaijan and in Russia, the head of SOCAR Rovnag Abdullayev said.
According to him, discussions were held between the companies both at St. Petersburg International Economic Forum and during a meeting in Baku.
Speaking about the interests of SOCAR, Abdullayev said the company is interested in working on land in Russia and below the Caspian Sea.
Ahmadinejad inaugurates Hengam oilfield production boost plan
The project to increase Hengam oilfield production from 16,000 to 30,000 barrels per day was inaugurated by Iranian president Mahmoud Ahmadinejad, IRINN TV channel reported.
Iran says it would increase oil output capacity from this field to 45,000 barrel per day until March 2014.
The Hengam oilfield development plan is also projected to produce 80 million cubic feet of natural gas per day.
The field is estimated to hold 700 million barrels of crude oil and two trillion cubic feet of natural gas.
KazMunaiGas Exploration Production reconsiders budget for 2013
The board of the Kazakh KazMunaiGas company has approved an adjusted budget for 2013, the company said.
According to the new one, capital expenditures in 2013 are planned to reach168 billion tenge ($1.121 billion) or 17 billion tenge ($ 114 million) less compared to the 185 billion tenge ($1.235 billion) approved in December 2012.
According to the report, the decrease in capital investments is connected with the decrease in the cost of exploration drilling by 11 billion tenge ($74 million).
Moreover, the plan of implementing the modernisation programme is downward by seven billion tenge ($47 million). The decrease in the costs of the programme in 2013 is connected with the postponement of the construction of some facilities in the coming years.
Turkmenistan, Afghanistan sign agreement gas purchase and sale using TAPI pipeline
The national gas companies of Turkmenistan and Afghanistan signed an agreement for the sale of natural gas which will be supplied from Turkmenistan to Afghanistan through the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline, a press release from the Turkmen Foreign Ministry, released by the Embassy of the Turkmenistan in Azerbaijan said.
As stated in the report, a meeting of the TAPI steering committee which includes the oil and gas ministers of the four countries participating in the project was held.
According to the report, a wide range of issues concerning the implementation of this large scale project were discussed.
Following the meeting a protocol was signed. Those present particularly centred their decision on the need to prepare founding documents soon and registration of the TAPI Ltd. consortium, as well as signing an agreement for a transaction adviser for the TAPI project.