Major events in Caspian countries' oil and gas industry for last week (May 22-26)
Uzbekneftegaz, KNOC to hold oil, gas exploration in Uzbekistan
Uzbekistan’s Uzbekneftegaz National Holding Company and South Korea National Oil Corporation (KNOC) signed an agreement to carry out geological exploration at two oil and gas investment blocks in the south of Uzbekistan, the Uzbekneftegaz company said in a message.
The “On Program of Work at Dekhanabad and Tashkurgan Investment Blocks” agreement provides that the KNOC within five years will carry out geological exploration at the investment blocks located in the Qashqadaryo region of Uzbekistan. The cost of the investment program is not disclosed.
International gas congress opened in Turkmenistan’s Avaza
Opening ceremony of a two-day international gas congress was held in Turkmenistan’s Avaza, according to the event’s organizers. Turkmenistan’s Turkmengas State Concern and UK’s Summit Trade Events Ltd are the organizers of the congress.
The forum is being attended by 326 delegates from 36 countries, representing 121 companies and organizations, including heads of 10 foreign representative delegations from Azerbaijan, Russia, Kazakhstan, Belgium, Georgia, South Korea, Afghanistan, Philippine, Pakistan and Turkey. During the event, foreign companies will have an opportunity to present their proposals on investing, introducing new technologies, supplying modern equipment for the needs of the fuel and energy complex of Turkmenistan.
According to the country’s Oil and Gas Complex, the issues on progress of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline’s construction will also be discussed at the forum.
SOCAR renews contract for buying gas from Bahar field
Azerbaijani state oil company SOCAR signed a new contract with Bahar Energy Operating Company to buy natural gas from the Bahar field, a source in Azerbaijan’s oil and gas market said. The initial agreement on the sale of gas from the Bahar field expired on Oct. 1, 2015, according to the source.
“After that, the sale of natural gas from the Bahar field was carried out on a monthly basis under the terms of the original agreement, and simultaneously talks were held with SOCAR to revise the contract,” the source said.
“Due to the decrease in oil prices, SOCAR insisted on reducing prices for the natural gas it buys for domestic consumption. On March 3, 2017, a new five-year contract was signed that determines a fixed price of $95 per 1,000 cubic meters of natural gas. The previous price was $140 per 1,000 cubic meters.”
“Under the terms of the previous agreement, SOCAR was buying gas only from the Bahar field. Under the new contract SOCAR will also buy gas from gas zones of the Gum Deniz oil field and other new deposits, to be discovered on the contract area,” the source added.