Half of the $42bn that Azerbaijan’s mammoth offshore Shah Deniz 2 (SD2) gas field is expected to cost has now been spent and over 72% of its development complete, the head of the investment department at Azerbaijan’s state oil company SOCAR Vagif Aliev told a press conference this week. Gas extraction from SD2 is on track (more…)naturalgaseurope Read More»
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The governments in Baku and Ashgabat are in the process of negotiating a deal to enable the transportation of Turkmen gas to the EU by way of the Southern Gas Corridor (SGC), Azerbaijan’s Energy Minister Natig Aliev told journalists this week. The two options under consideration (more…)AKIpress Read More»
BP Azerbaijan is planning to start exploratory drilling on in the shallow waters of the Absheron peninsula by the end of next year, its Regional President for Azerbaijan, Turkey and Georgia Gordon Birell announced this week, with three-dimensional seismic studies due to begin next month. BP (more…)TREND Read More»
The European Commission yesterday approved the Host Government Agreement between Greece and the Trans Adriatic Pipeline (TAP) consortium in a move that gives the green light to the construction of the new gas pipeline along the bed of the Adriatic from Greece and Albania to Italy that is intended to reduce Europe’s dependence on Russia for its energy requirements by (more…)TREND Read More»
With the giant Kashagan oil field set to come on stream this year, the World Bank is predicting that the Kazakh economy will grow by 1.1% in 2016, according to the latest forecasts from the World Bank. Discovered in 2000 in the northern part of the Caspian Sea close to Atyrau, the Kashagan field is one of the world’s largest discoveries in the past 30 years, with estimated recoverable reserves of about 13 billion barrels.
As well as (more…)
Turkmenistan last week announced that it has completed construction of the strategic East-West gas pipeline linking its eastern gas compressor station at Shatlik to Belek on the Caspian Sea. With an annual capacity of 30 bcm, the 773km pipeline is seen as key to Turkmenistan’s ambitions to increase gas exports to Europe.
Temir Zholy, Kazakhstan’s state-run rail company, is looking into the possibility of building terminals on the Baltic Sea and the Persian Gulf, it announced over the weekend. “We are considering the construction of logistics terminals on the Baltic Sea and the Persian Gulf, which would…. ensure access to the world’s oceans,” the company’s Vice-President Bauyrzhan Urynbasarov told delegates at a conference, adding (more…)TREND Read More»
BP is planning to begin seismic surveys the shallow waters around the Absheron peninsula in the Azerbaijani sector of the Caspian Sea in the first quarter of next year, its Regional Director Gordon Birrell told reporters today.
“We are very pleased that we have signed an agreement on this project with SOCAR,” he said. “We believe that there are great opportunities for long-term cooperation within the project. We are already conducting the preparatory work. The initial seismic survey will begin in the contract area in February-March 2016.”
The project comes under a 50-50 production sharing agreement between SOCAR and BP and will concentrate on a 1,900 km² area along the southern section of the Absheron peninsula at depths of up to 40 meters, while the depth of the potentially productive strata is between 3,000 and 5,000 meters.
Caspian Sea oil exploration: Plans for The National Iranian Oil Company (NIOC) and The State Oil Company of Azerbaijan (SOCAR) to work together to expand existing and explore new oil and gas fields in the Caspian Sea moved one step closer this week after a delegation from NIOC affiliate company Khazar Exploration and Production Co. (KEPCO), met with officials from SOCAR.
“Iran and Azerbaijan can expand ties in the energy sector which can lead to developing bilateral economic relations,” SOCAR VP Khoshbakht Yusifzadeh said after the meeting. Three years ago, Iran announced that it had discovered a new field with reserves of 2m barrels of oil and 30bn m³ within its territorial waters.
Caspian Sea Energy Overview – USEIA
The Caspian Sea region is one of the oldest oil-producing areas in the world and is an increasingly important source of global energy production. The area has significant oil and natural gas reserves from both offshore deposits in the Caspian Sea itself and onshore fields in the Caspian basin. Traditionally an oil-producing area, the Caspian area’s importance as a natural gas producer is growing quickly.
This report analyzes oil and natural gas in the Caspian region, focusing primarily on the littoral (coastal) countries of the Caspian Sea (Russia, Azerbaijan, Kazakhstan,Turkmenistan, and Iran). A discussion of Uzbekistan is also included.
Moscow believes that unilateral action on the construction of the Trans Caspian gas pipeline will lead to the erosion of trust in the region, its Foreign Ministry spokesman Alexander Lukashevich, warned this week in response to EU efforts to secure access to gas from Turkmenistan’s fields and so reduce its dependence on Russia for its energy supplies.
“Let me remind you (more…)
A BEGINNER’S GUIDE TO PIPELINE POLITICS
On Tuesday March 17 2015, Turkish President Recep Tayyip Erdogan played host to his counterparts from Azerbaijan and Georgia at the launch of a project many hope will have a game-changing impact on Europe’s energy market and the overall balance of power between Russia and the EU. The three leaders adopted a jubilant stance at the obligatory photo shoot, as well they might. (more…)Read More»
Trans Caspian gas pipeline: During a four-way meeting with Turkmenistan, Azerbaijan and EU representatives, Turkey threw its weight behind the proposal to lay a natural gas pipeline under the Caspian Sea for the transportation of Turkmenistan’s natural gas to Western Europe. Ankara was prepared to give the project its political and technical support, Energy Minister Taner Yildiz told the meeting.Rosbalt Read More»
Turkmenistan gas: The construction of a pipeline across the bed of the Caspian Sea to Iran means that gas from Turkmenistan could be available for import to Western Europe as early 2019, the the Vice-Chairman of the EU’s Energy Commission for Energy Maros Sevkovic said yesterday, after a meeting (more…)Rosbalt Read More»