Major events in Caspian countries' oil and gas industry for last week (Oct. 27-31)
Total hydrocarbon reserves in Azerbaijan estimated at 10B tons - SOCAR
The projected gas reserves of Azerbaijan are estimated at 3.45 trillion cubic meters, and oil at 2 billion metric tons.
The first vice-president of SOCAR (State Oil Company of Azerbaijan) Khoshbakht Yusifzade made the remarks in Baku during the XIII Conference on investments and energy regulations of the Energy Regulators Regional Association.
He said that Azerbaijan's proven gas reserves amount to 2.55 trillion cubic meters, and the proven oil reserves of the country stand at the level of 2 billion metric tons.
In total, oil and gas reserves of the country are estimated at 10 billion metric tons in oil equivalent, Yusifzade said.
Iran's crude revenues decrease by 30%
Iran's oil revenues decreased by 30 percent, Iranian President Hassan Rouhani said, official IRNA news agency reported.
President Rouhani said that economy is not the only dominant factor, as politics and global conspiracies in general play an important role in the issue.
The falling trend of oil prices in the global markets has raised some concerns about a possible budget deficit in the current Iranian fiscal year (to end March 20, 2015).
Iran's current year budget envisages the price of $100 for each barrel of oil.
Kazakh national oil and gas co. launching exploration projects
Kazakhstan's national oil and gas company KazMunaiGas (KMG) is launching a number of exploration projects.
The KMG said that geological exploration projects were scheduled in the Kazakh sector of the Caspian Sea (Block N, Zhambyl, Makhambet etc.) and on the land part (Urikhtau, Kansu, North Karpov, Fokshani etc.), and their realization is already starting.
These projects focus on oil and gas explorations in the Palaeozoic and Mesozoic sediments within Kazakhstan's sedimentary basins, which mainly have proven oil and gas content.
The KMG said memorandums of understanding on future cooperation were signed on several projects with such companies as Statoil, Total, Lukoil, Eni, Petrovietnam and others.
"Here the matter rests in collaboration on Mugodzhary, Abay, Isatay, Zhenis and other projects," the KMG added.
Earlier, Kazakhstan's Energy Minister Vladimir Shkolnik said the KMG plans to direct about $5 billion on exploration in three years.