Major events in Caspian countries' oil and gas industry for last week (August 27-30)

EIA: Proven and projected Caspian Sea oil reserves estimated at over 48 billion barrels

The proven and projected oil and condensate reserves of Azerbaijan are 8.5 billion barrels, a report posted on the website of the U.S. Energy Information Administration (EIA) said. In particular, some 6.8 billion barrels out of the total volume of proven and projected reserves account for the platforms on the Caspian Sea, and the rest on land. According to the EIA, Azerbaijan's proven and explored gas reserves totalled 1.46 trillion cubic meters and out of these, more than 1.3 trillion cubic meters of gas account for marine structures. In total the proven and projected reserves of the Caspian Basin (Azerbaijan, Kazakhstan, Russia, Turkmenistan, Uzbekistan and Iran) are estimated at 48.2 billion barrels of oil and over 8.3 trillion cubic meters of gas, the EIA said.

Azerbaijan's State Oil Fund starts funding of new project

The State Oil Fund of Azerbaijan (SOFAZ) has already invested about 70 million manats in the construction of a new generation floating drilling rig in Azerbaijan, SOFAZ head Shahmar Movsumov said. Some 388.575 million manats are envisaged to be allocated from SOFAZ under this project. "These are not allocations but the process of financing, that is the money does not go, but remain in the Fund's portfolio," Movsumov noted. According to SOFAZ head, the Fund will be the co-owner of the new drilling rig, which will be operated by Caspian Drilling Company (CDC, 92.44 percent of share in capital is owned by SOCAR).

Iran's oil minister Zanganeh signs his first contract

Iran's Petropars Company has signed a contract, valued at $5 billion, with the National Iranian Oil Company (NIOC), to implement the development project of the phase 11 of the country's South Pars gas field, the Mehr News Agency reported.

Two wells in Zhambyl area in Kazakhstan show signs of oil and gas

JSC NC KazMunaiGas and the Korean KC KAZAKH B.V consortium reported on the results of drilling of the first exploration well in Zhambyl area in the Kazakh sector of the Caspian Sea. During the testing of these objects, there was a gushing flow of oil and gas with flow rates at fittings with diameters of 6.35 mm (16/64 ") 24m3/a day, with a diameter of 12.7 mm (32/64") - 110 m3 per day," the press release said. The testing of sites has been concluded. Drilling of an exploration well at Zhambyl structure was conducted from the new offshore drilling rig 'Caspian Explorer', built specifically for geological exploration works in the Zhambyl area in accordance with the agreement between the KazMunaiGaz and the KC KAZAKH B.V.

Turkmen parliament passes hydrocarbon gas supply bill

During the next meeting of the Turkmen Majlis (Parliament) of the fourth convocation a bill 'On hydrocarbon gas and gas supply' was passed, a Turkmen government statement reported. The provisions of the new law are aimed at creating the conditions for the effective functioning of the gas market and the reliable and safe operation of gas supply systems.


Turkmenistan offers business opportunities for Switzerland in number of fields
Turkmenistan offers business opportunities for Switzerland in number of fields
Iran assigns more funds to complete unfinished projects
Iran assigns more funds to complete unfinished projects
Azerbaijan’s startup sector expects big investments
Azerbaijan’s startup sector expects big investments
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Zenith Energy transporting drilling rigs outside of Azerbaijan
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