Azerbaijan's SOCAR Trading sign memorandum with Indian OVL
SOCAR Trading SA, the marketing arm of the State Oil Company of Azerbaijan Republic (SOCAR), signed a Memorandum of Understanding (MoU) with India's ONGC (Oil and Natural Gas Corporation) Videsh Limited. The two companies agreed to collaborate in the oil and gas sector by mutually sharing their experience in optimizing sales revenues.
ONGC is India's largest oil and gas exploration and production company. The company meets about 30 percent of India's crude oil demand.
Over 30 companies for the first time attend Caspian Oil & Gas exhibition in Baku
Fifteen percent of the total number of participants of the 23rd international exhibition and conference Caspian Oil & Gas 2016 and the VI Caspian International Power and Alternative Energy Exhibition participate for the first time in these exhibitions, said Farid Mammadov, executive director of Iteca Caspian LLC. 240 companies from 30 countries of the world, including Belgium, Spain, Italy, Kazakhstan, China, the Netherlands, Poland, Portugal and others, participate in the exhibition. Two national stands - German and Italian - will be presented. Companies from the UK, Portugal, Romania, the US and others are among the first-time participants, he noted. The conference, dedicated to the exhibition, will be attended by nearly 400 delegates from more than 30 countries of the world. More than 40 speakers (leading experts, representatives of government bodies, heads of major oil and gas companies from around the world) will deliver their presentations on key issues of the production, management and transportation of energy resources in the conditions of low oil prices.
Azerbaijan's SOCAR to sign contract to develop offshore gas & condensate field
Azerbaijan's state oil company SOCAR is considering the possibility to get its affiliated company SOCAR-Umid involved in the development of the Umid-Babek block of fields, said a SOCAR high-ranking representative. He said that SOCAR was displeased with the results of the tender announced in 2014 for the operatorship on the basis of the PSA contract on the block. "It has been decided to sign a risk-service-contract to develop the Umid-Babek block with the affiliated company SOCAR-Umid," the representative added. SOCAR-Umid will get contractors involved, the representative said.
Azerbaijan, China to co-op in oil-gas, petrochemical sectors
Azerbaijan's state oil company SOCAR and China National Petroleum Corporation (CNPC) have signed a memorandum of understanding (MoU) on cooperation in the oil-gas and petrochemical spheres. The document was signed by SOCAR President Rovnag Abdullayev and CNPC Vice president Wang Shihong.
BP Azerbaijan launches 3D seismic survey in Caspian
BP Azerbaijan has launched a 3D seismic survey on potential prospective structures on the shallow waters around the Absheron Peninsula in the Azerbaijani sector of the Caspian Sea, a representative of BP said. Geokinetics, one of the largest independent, international land and shallow water geophysical service companies, is the contractor of the 3D seismic survey. "The seismic survey involves 17 vessels," the BP representative said. "We have optimistic expectations regarding the project." The territory of the 3D seismic survey is divided into five zones. In case if positive results are obtained from the survey, BP will choose up to four sites for drilling operations. BP Azerbaijan plans to start exploration drilling in late 2017. The territory covered by the agreement extends along the Absheron Peninsula's southern part and covers an area of about 1,900 square kilometers. The sea depth here is about 25 meters, and the depth of the bedding of the potentially productive strata is 3,000-5,000 meters.