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Major events in Caspian countries' oil and gas industry for last week (Dec. 25-29)

Analysis Materials 5 January 2018 16:37 (UTC +04:00)

One of SOCAR's joint ventures liquidated in Azerbaijan

Caspian Shipyard Company Ltd has announced its liquidation, the Vergiler newspaper of Azerbaijan’s Taxes Ministry reported.

Creditors can present their demands within two months to: Gurban Khalilov st., 8, apt. 904, Baku, Azerbaijan.

Caspian Shipyard Company Ltd. is a joint venture of Azerbaijan’s state oil company SOCAR, Singapore’s Keppel and Russia’s LUKOIL, established in August 1997. Seventy-five percent of the company’s shares are owned by AzerFels Pte Ltd. (Singapore), 20 percent – by SOCAR, 5 percent – by LUKOIL.

A source in the oil and gas market of Azerbaijan told Trend that Keppel planned to freeze the company’s production site due to a lack of new projects.

Oil production forecast at ACG block in 2018 revealed

Oil production as part of the project of developing the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea is projected at 204.4 million barrels (28 million tons) in 2018, according to the information published in the conclusion of Azerbaijan’s Chamber of Accounts on the SOFAZ budget for 2018.

“The oil production volume projected for 2018 is by 7.3 million barrels less than in 2017 (211.7 million barrels),” reads the document.

The contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.

The new ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.

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