Materials

NGW magazine: Azerbaijan at half-way mark for SGC
Azerbaijan Materials

NGW magazine: Azerbaijan at half-way mark for SGC

Money keeps coming for the Southern Gas Corridor as it has enjoyed cast-iron support politically – so far, at least. Azerbaijan has spent $6bn of its total $11.9bn share of the Southern Gas Corridor (SGC) costs since 2014, the director-general of the Southern Gas Corridor Company Afgan Isaev told NGW late last year; in 2016, Baku spent just $2bn on the project, […]

SOCAR Increases Drilling by 1% in 2016
Azerbaijan Materials

SOCAR Increases Drilling by 1% in 2016

The drilling departments of SOCAR increased drilling volumes in 2016 compared with the same period in 2015 by 0.8% — up to 105,245 meters. It is reported by the press service of SOCAR. Of the total amount of drilling 102,532 meters accounted for operational drilling, and 2,713 meters – for exploratory drilling. In December 2016 the volume of drilling operations […]

SOFAZ unveils preferred property markets
Azerbaijan Materials

SOFAZ unveils preferred property markets

The State Oil Fund of Azerbaijan (SOFAZ) is interested in the acquisition of high-quality real estate assets in European, Asia-Pacific and the US markets, SOFAZ Executive Director Shahmar Movsumov said in an exclusive interview with Trend. He said that creation of a portfolio, in which the developed markets, as well as various types of real estate will be widely represented, […]

Technip to Complete SOCAR GPC Designing in 2H2017
Azerbaijan Materials

Technip to Complete SOCAR GPC Designing in 2H2017

France’s Technip S.A. plans to complete work on design engineering as part of the construction of oil and gas processing and petrochemical complex (GPC) in Azerbaijan in the 2H2017, Technip said in a message posted on its website. The message said that Technip has been awarded by SOCAR GPC a service contract for the ethylene and cryomax technology licenses respectively […]

BP Starts 2017 On An Optimistic Note — ACG
Azerbaijan Materials

BP Starts 2017 On An Optimistic Note — ACG

Despite the turbulence in the commodity markets in 2016, the year ended on a high note for the London-based integrated company, BP Plc. While the energy company’s stock price as well as profitability suffered throughout the year, the company recovered strongly in the second half of the year on the back of the Organization of Petroleum Exporting Countries’ decision to cut […]

Azerbaijani companies may develop oil fields in Cuba
Azerbaijan Materials

Azerbaijani companies may develop oil fields in Cuba

There are undiscovered oil fields in the Cuban part of a shelf in the Gulf of Mexico, and Azerbaijani companies could show interest for participation in their exploration and further development, newly appointed Ambassador of Cuba to Azerbaijan Alfredo Nieves Portuondo said in an interview with Trend. Azerbaijani companies specializing in the energy sector can participate in energy projects in […]

SOCAR commissions new well in Caspian Sea
Azerbaijan Materials

SOCAR commissions new well in Caspian Sea

Azerbaijan’s state oil company SOCAR will additionally produce over 5,100 tons of oil annually due to the commissioning of a new horizontal well at the Western Absheron offshore field, SOCAR said in a message December 22. Oil is extracted from the well bore at the interval of 769-651 meters at a flow rate of 14 tons per day, said the […]

SOCAR grows overseas
Azerbaijan Materials

SOCAR grows overseas

The State Oil Company of Azerbaijan Republic (SOCAR) plans to continue to expand abroad. The company has invested 4.487 bln USD in foreign projects in total as of the beginning of 2016, Report informs citing Natural Gas World, SOCAR Investment Department has said. 3.334 bln USD of the investment were spent in Turkey. SOCAR has invested 414.5 mln USD in […]

TPAO’s investments in Azerbaijan exceed $10 billion
Azerbaijan Materials

TPAO’s investments in Azerbaijan exceed $10 billion

The total volume of investments of the Turkish Petroleum Corporation (TPAO) in Azerbaijan exceeded $10 billion, the TPAO CEO Besim Sisman said in an interview with Bloomberg HaberTurk (Turkish economic newspaper). TPAO’s revenue from investments in Azerbaijan is the main portion of the corporation’s income, according to him. Sisman noted that the corporation is about to reduce its investments abroad […]

World Bank approves allocation of loan for TANAP
Azerbaijan Materials

World Bank approves allocation of loan for TANAP

The World Bank’s Board of Executive Directors today approved a $400 million loan for Turkey and a $400 million loan for Azerbaijan for the Trans-Anatolian Natural Gas Pipeline (TANAP) Project, according to WB website. The project will transport natural gas from a gas field in Azerbaijan to and across Turkey, and further to Europe, aiming to diversify Azerbaijan’s gas export […]

WB to render technical assistance to Azerbaijani State Oil Fund
Azerbaijan Materials

WB to render technical assistance to Azerbaijani State Oil Fund

The meeting of the Multi-stakeholder Group (MSG) on implementation of the Extractive Industries Transparency Initiative (EITI) in Azerbaijan was held on December 20, 2016 at the State Oil Fund of the Republic of Azerbaijan (SOFAZ), SOFAZ said Dec. 21. During the MSG meeting with the participation of the World Bank (WB) team, the EITI Mainstreaming mechanism and technical assistance for […]