Major events in Caspian countries' oil and gas industry for last week (Apr. 17-21)

Analysis Materials 25 April 2017 11:19 (UTC +04:00)

SOCAR commissions prolific well in Caspian Sea

Azerbaijan’s state oil company SOCAR will additionally produce 43,800 tons of oil and around 3.65 million cubic meters of gas annually as it has commissioned a new well #317 from the new platform #7 on the Gunashli offshore field, SOCAR said in a message.

The daily debit is 120 tons of oil and 10,000 cubic meters of gas are extracted within the range of 2,763-2,733 meters, the message said.

Gunashli field plays an important role in Azerbaijan's oil and gas industry. The field's shallow part is developed by SOCAR on its own, while its deep-water part is developed jointly with foreign partners.

Turkmenistan, European Parliament mull gas supply

Ashgabat hosted a meeting between Turkmen minister of foreign affairs, Deputy Prime Minister Rashid Meredov and a European Parliament delegation led by Vice President Ryszard Czarnecki, the Turkmen Foreign Ministry said in a message.

“The sides discussed energy partnership and the possibility of gas supply from Turkmenistan to Europe,” reads the message. Talks on the supply of Turkmen gas to Europe have been held since 2011.

Oil output from Kashagan exceeds 2 mln tons

Over 2 million tons of oil and more than 1 billion cubic meters of gas have been produced at Kazakhstan's Kashagan field, Kazakh national oil and gas company KazMunaiGas, which is one of the shareholders of the project, said in a message.

Oil production at Kashagan was launched in autumn 2016.

According to the company, two gas re-injection compressors will be launched at the field in 2017 in order to increase the level of oil production to 370,000 barrels per day.

Moreover it is planned to implement a project on expansion of gas reinjection at the field which will insure further increase in output. The optimal concept for this project is being selected.

SOCAR inks deal for building bitumen plant at Baku refinery

Azerbaijan’s state oil company SOCAR signed a contract with Azfen JV for construction of a new bitumen plant at the Heydar Aliyev Baku Oil Refinery, SOCAR said in a message.

The capacity of the new bitumen plant will be 400,000 tons of bitumen per year. The plant will produce high-quality road bitumen 40/60. The licensor of the new bitumen plant is the Austrian Poerner company. The plant is expected to be commissioned in the second half of 2018.