Major events in Caspian countries' oil and gas industry for last week (Sept. 16-21)

Major events in Caspian countries' oil and gas industry for last week (Sept. 16-21)

Nine European companies sign gas purchase contracts within Shah Deniz-2 project

The consortium of Azerbaijani Shah Deniz gas and condensate field development signed contracts with the buyers of Azerbaijani gas in Europe.

The agreements are long term gas contracts each for 25 years. The contracts on the purchase of Azerbaijani gas from the second phase of Shah Deniz field development (Shah Deniz-2 project) were signed with Shell, Bulgar gas,Gas Natural Fenosa, EON, Gaz de France, Hera, Enel, Axpo, DEPA.

SOCAR: Azerbaijan overcomes period of decline in oil production

Azerbaijan has overcome the period of decline in oil production, the president of the State Oil Company of Azerbaijan (SOCAR), Rovnag Abdullayev said.

According to him, the rates of decline were completely overcome both by SOCAR at its own fields, and on Azeri-Chirag-Guneshli block of fields, developed jointly with foreign partners.
Today, oil production figures show that the decline in production has stopped and a slight increase is possible by late 2013, Abdullayev said.

SOCAR First Vice-President on Geology, Geophysics and Mining Khoshbakht Yusifzade said that, some 43 million tons of oil are expected to be produced in Azerbaijan this year.

Chinese CNPC to be part of joint venture for construction of gas chemical complex in Uzbekistan

The China National Petroleum Corporation (CNPC) will be a part of the joint venture (JV) UzIndoramaGazChemical for the construction of a gas chemical complex at the Mubarek Gas Processing Plant (Kashkadarya Oblast, south of Uzbekistan), a source in Uzbek government circles said.

According to the interlocutor, the CNPC signed a memorandum on participation in the project with JV's founders - National Holding Company (NHC) Uzbekneftegaz and Singapore's Indorama Group.

The source did not specify how the shares of participants will be re-allocated after the Chinese co-founder's accession to the joint venture.

Turkmenistan is ready to hold international meeting of experts on energy security

Turkmenistan is ready to hold in 2014 an international meeting of experts on ensuring energy security, Turkmen Dovlet Khabarlary (TDH) State News Service said with the reference to country's Foreign Ministry.

This material is confined to opening of 67th session of the UN General Assembly in New York in the coming days.

According to the statement, Turkmenistan proposes to UN member states to proceed to the creation of an international expert group to prepare a new, comprehensive document on the initiation of global cooperation in the energy sphere.

Minister: Kazakhstan considers creation of strategic oil reserve

Kazakhstan is considering setting up a strategic oil reserve, Kazakhstan's Oil and Gas Minister Uzakbay Karabalin said at a press conference at the Central Communication Service.

"Kazakhstan still is still discussing the issue of creating a strategic oil reserve aimed at reliable provision to the national economy of hydrocarbons. This is envisaged by the concept which was presented by me in government," Karabalin said.

According to the minister, there are enough counties today which do not have hydrocarbon reserves, but create strategic oil reserves. In addition, the world oil price also increases due to a high demand for energy resources.

Therefore we discuss the issue of creating a strategic oil reserve in order to reduce dependence on such price drops. But the volume and placement of this strategic reserve hasn't yet been decided," Karabalin said.

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