Major events in Caspian countries' oil and gas industry for last week (May 29-June 2)
15% companies first time to attend Caspian Oil & Gas exhibition in Baku
Fifteen percent of the total number of participants of the 24th international exhibition and conference Caspian Oil & Gas 2017 and the VII Caspian International Power and Alternative Energy Exhibition will participate for the first time in these exhibitions, said Regional Director of ITE Group Edward Strachan at a press conference dedicated to the opening of the exhibitions in Baku. This year, the exhibition and conference welcomes over 400 delegates from 289 companies from 30 countries, including Azerbaijan, Belarus, Belgium, Spain, Italy, Kazakhstan, China, the Netherlands, Poland, the US, Japan and other countries, said Strachan. National pavilion will be presented by Italy.
Among debutants, which constitute 15 percent of the total number of participants, there are companies from the UK, Romania, the US and other countries. In total, foreign participants constitute 74 percent of the exhibition’s exposition area, he added.
The event’s status is consolidated by its line-up of sponsors which include leading companies from Azerbaijan and leaders of the world oil and gas industry. The general sponsor of the exhibition is Azerbaijan’s state oil company SOCAR. The golden sponsor is BP and the silver sponsor is TPAO. The bronze sponsors include Azeri M-I Drilling Fluids, AZFEN, Baku Steel Company, Russneft, SOCAR Polymer, CDC, CMS, Global Energy Azerbaijan, SIMONE Research Group, Tekfen Construction.
Energy Charter Forum kicks off in Ashgabat
The Energy Charter Forum titled “Towards a Multilateral Framework Agreement on Transit of Energy Resources” has kicked off in Ashgabat under the chairmanship of Turkmenistan.
The forum participants will mull development of a multilateral framework agreement on transit of energy resources on the basis of universally recognized norms of international law and experience. The program of the forum includes sessions on “Transboundary Transportation and Transit of Natural Gas”, “The Growing Role of Liquefied Natural Gas (LNG) in Global Energy Security”, “Supply of Oil to World Markets”, “Transboundary Trade in Electricity and Sustainable Development”.
Uzbek-Chinese JV starts development of gas condensate fields
The Uzbek-Chinese JV, New Silk Road Oil & Gas Company Ltd., has launched a project to develop gas condensate fields in the Karakul investment block (Bukhara region, south of Uzbekistan), the Uzbekneftegaz National Holding Company (NHC) said. An official ceremony in connection with the beginning of an active phase of the project was held in the Bukhara region. According to a representative of Uzbekneftegaz, the momentum to the beginning of the active phase was the allocation of a loan by one of the Chinese banks under the guarantee of China National Petroleum Corporation (CNPC) to finance the project. The volume of the loan hasn’t been revealed.
The project’s feasibility study was approved by the government of Uzbekistan in October 2016. According to the feasibility study, when reaching the designed capacity, 869.6 million cubic meters of natural gas and 6,400 tons of condensate will be produced annually.
The volume of investments in development and production of gas at fields of the Karakul investment block is expected in the amount of $377.5 million.
SOCAR, Uzbekistan’s Uzbekneftegaz ink MoU
Azerbaijani state oil company SOCAR and Uzbekistan’s national holding company Uzbekneftegaz signed a memorandum of understanding (MoU), SOCAR said in a message.
The MoU was signed during the meeting between SOCAR President Rovnag Abdullayev and Chairman of the Board at Uzbekneftegaz Alisher Sultanov, who arrived in Baku to participate at the 24th International Caspian Oil & Gas Exhibition and Conference 2017.