Major events in Caspian countries' oil and gas industry for last week (July 20-24)

Analysis Materials 27 July 2015 17:15 (UTC +04:00)

30% of work on Southern Gas Corridor project completed, says SOCAR

As much as 30 percent of the work on the implementation of the Southern Gas Corridor project has already been completed, German media reported citing Rovnag Abdullayev, president of the State Oil Company of Azerbaijan.

"Contracts have been signed with 162 suppliers from 23 countries," said Abdullayev, adding that the total cost of these contracts exceeds 10 billion euros.

Currently, over 9,500 people work on the project, he said.

Furthermore, the company's president said that seven producing wells have been drilled as part of the Shah Deniz-2 project, while the construction of a compressor station in Georgia and manufacturing of pipes is going at full speed.

Maersk Drilling receives extension of contract for Azerbaijan's semi-submersible rig

Danish Maersk Drilling has been awarded a 5-year contract extension for the semi-submersible Heydar Aliyev rig with BP Exploration (Shah Deniz) Limited, acting as operator of the Shah Deniz field in the Azerbaijani sector of the Caspian Sea, said the message posted on the company's website.

The estimated value of the contract extension is up to $523 million.

"The rig will continue working on the development of the Shah Deniz field in the Caspian Sea offshore Azerbaijan," said the message. "The extension is in direct continuation of the current contract ending May 2016 and extends the contract until May 2021."

Details of Turkmen-Japanese talks revealed

A report on the results of the recent talks with Turkmenistan's official delegation led by Deputy Prime Minister Baimurad Hodzhamuhammedov in Tokyo was heard at the recent meeting of the country's Cabinet of Ministers, the message from Turkmen government said.

"The meetings focused on the prospects for attracting Japanese investments in the implementation of the projects for developing fields in Turkmenistan, modernization of the oil and gas industry and diversification of the supply routes of Turkmen gas, as well as cooperation within other bilateral agreements and contracts," the message said.