Kazakhstan reduces oil export customs duty
Kazakhstan reduced the oil export customs duty up to $40 per ton since January 1, 2016, according to the Kazakh national economy minister's order.
The oil export duty has amounted to $60 per ton in Kazakhstan since March and until late December 2015.
Kazakhstan exported over 61 million tons of oil in 2015, the Statistics Committee under the Kazakh National Economy Ministry said.
Canadian Zenith forms subsidiary for oil production in Azerbaijan
The Canadian Zenith Energy Ltd. has formed a wholly-owned subsidiary, Zenith Aran Oil Company Ltd for oil production in the central Azerbaijan region where its three producing fields are located, said the message posted on the Canada's Stockhouse financial portal.
The fields are named Muradkanly, Yafarli and Zardob. The fields have a compounded acreage of 642.4 square kilometers, and are currently producing nearly 350 barrels of crude oil per day. Gas is also produced in low quantity and is used at the site. Zenith will be the operator of the concession with 80 percent interest, while the local state party will retain 20 percent. The license will have duration of 25 years and has the capacity to be extended for an additional five year period.
Remaining recoverable oil reserves of the block are estimated at 1.8 million tons.
Iran, France's Total ink MOU on crude oil purchase
French Total signed a memorandum of understanding (MOU) with Iran to purchase crude oil from the Islamic Republic. The MOU was signed by the National Iranian Oil Company and Total on the sidelines of a meeting between Iranian President Hassan Rouhani and French President Francois Hollande in Paris, IRINN TV reported.
Total's Chief Executive Patrick Pouyanne said that Total was going to sign a contract to purchase 150,000-200,000 barrels per day of Iranian crude.
Azerbaijan to increase gas supply to Georgia in winter seasons
Azerbaijan's SOCAR reached an agreement with the South Caucasus Pipeline and Shah Deniz consortiums to increase gas supply to Georgia in winter seasons. SOCAR said it conducted talks based on an appeal from Georgia on assistance in optimizing gas supply from Azerbaijan. The company said all the members of the Shah Deniz and South Caucasus Pipeline consortiums agreed to review the seasonal restrictions set by relevant agreements on gas supply from the Shah Deniz field to Georgia.