Major events in Caspian countries' oil and gas industry for last week (June 16-20)

Major events in Caspian countries' oil and gas industry for last week (June 16-20)

"Gazprom" increases gas production from north-western field of Uzbekistan

Gazprom International increased production of natural gas at the Shakhpakhty field (northwest of Uzbekistan) by 8.7 million cubic meters from the projected level - up to 110.2 million cubic meters, the company reported.

Gazprom International is a wholly owned subsidiary of "Gazprom" JSC, the sole operator of the concern on foreign projects in exploration, exploitation, and development of hydrocarbon fields.

It is scheduled to produce and to transport more than 300 million cubic meters of gas during 2014, according to the Gazprom International.

Two wells have been commissioned in the field since the beginning of the year, the repair of a third has been completed. As of early May, the current fund of the field consists of 21 wells with an average daily production of 902,000 cubic meters.

In accordance with the program of geological and technical activities in the current year, the operator plans to conduct repair work on five wells, four of which are planned to be withdrawn from the non-operating well reserve.

The reconstruction and pre-development of the Shakhpakhty field is a pilot project of the Gazprom International in Uzbekistan, implemented within a Production Sharing Agreement signed in 2004 for a period of 15 years.

Hungarian president: Projects on energy supplies from Turkmenistan important for Europe

Hungarian President Janos Ader and his Turkmen counterpart Gurbanguly Berdimuhamedov have discussed the energy supply issues, diversification of routes and energy security, a message from the Turkmen government said.

The discussions took place during the official visit of Turkmen president to Budapest, Hungary.

During the negotiations, Ader stressed that the practical implementation of the projects in the energy supply sphere is of great importance for Europe.

He also expressed support to the position of Turkmenistan as a country ready to contribute to strengthening Europe's energy security.

Berdimuhamedov underscored that Turkmenistan regards Hungary as an important partner in the dialogue with the European community. This process is mainly focused on the cooperation in the energy sphere.

"During the talks, the sides reaffirmed the similarity of the approaches based on the need of establishing a multilateral dialogue between the states on the energy security issues and diversification of supply routes by taking into account the objective demand of the world economy," Turkmen Dovlet khabarlary news service said.

Turkmenistan, which holds the fourth-largest gas reserves, is exploring the possibility of its delivery to the European market. The project on laying the Trans-Caspian pipeline to the coast of Azerbaijan, where Turkmen raw materials can be delivered to Turkey and further - to Europe is underway.

Negotiations continue over Chinese corporation`s participation in Uzbek GCC project

The Uzbek government continues to negotiate with the China National Petroleum Corporation over its joining the construction project of the gas-chemical complex in the country.

The construction is planned on the basis of the Mubarek gas refinery (Kashkadarya region, south of Uzbekistan) with the preliminary cost of $2.5 billion, the representative of the "Uzbekneftegaz" National Holding Company said.

Earlier, some media reported that the Chinese company has refused to participate in the project.

The CNPC signed a memorandum with the "Uzbekneftegaz" NHC and Singapore's Indorama Group on the possibility of joining the UzIndoramaGazChemical joint venture on the construction of the gas chemical complex at the Mubarek gas refinery in Uzbekistan last September.

It was assumed that, after the Chinese company`s entrerence the joint venture, the share participation of the partners will be distributed on a parity basis - 33.3 percent.

At the present moment, the CNPC has prepared its own version of the preliminary feasibility study of the gas chemical complex, the source said. It is expected that the Chinese company will present the feasibility study on the joint venture for discussion and agreement in the near future.

South Korean companies receive new projects in gas and chemical industry in Turkmenistan

South Korean companies LG International and Hyundai Engineering Co. LTD, which are actively working in the Turkmen market, have received new orders worth $4 bln in the gas and chemical industry, a source close to talks said.

This government order was registered during the South Korean President Park Geun-hye's official visit to Ashgabat.

Earlier on June 20, Park Geun-hye arrived in Turkmenistan on a two-day visit. Talks were held with the Turkmen President Gurbanguly Berdimuhamedov. The two governments also held negotiations in an extended format.

It is expected to construct two export oriented enterprises for deep chemical processing of gas and production of liquid fuel (Gas-to-liquids - GTL) and polymer-polyvinyl chloride (PVH) under the new agreements of the Turkmengaz State Concern.

The local experts say the establishment of a developed gas and chemical production is the major direction, able to replace the export of natural gas via pipelines.

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