IPC – Iran’s Gordian knot
Since November 2015, when Iran introduced its newly designed oil and gas agreement model, called Iran Petroleum Contract (IPC), the country hasn’t issued any tender…
Kazakhstan Resumes Oil Transportation through Azerbaijan
Transportation of Kazakh oil through Azerbaijan has resumed. The Energy Ministry of Kazakhstan reported this in response to a request by Kazinform. According to the…
No Export of Kazakh Oil through Batumi in 2016
Kazakhstan’s KazTransOil Company is working to increase the transportation of oil by rail through Azerbaijan for further loading of the Batumi oil terminal. The Batumi…
Forbes Compiles Rating of Largest Buyers of Russian Oil
Twenty of the rating participants account for almost 85% of Russian oil exports, and in 2016 it reached 254.8 million tons. In the first place…
Export of Azerbaijani Oil Products Decreased by 51%
In January-April of 2017 Azerbaijan exported 306,583 tons of oil products. According to the State Customs Committee of Azerbaijan, this is 51.3% less than the…
China Invests in Petrochemical Industry of Azerbaijan
A Memorandum of Understanding has been signed between Azerbaijan and China on the SOCAR GPC project. The document was signed on May 14 by the…
Any future for the Turkish Stream pipeline?
Just recently Moscow announced that GAZPROM was about to start construction of the Turkish Stream, a potential compliment to the already functioning Blue Stream. The…
Azerbaijan Finances Its Share of $6.6 Bn within Southern Gas Corridor
To date, Azerbaijan has invested $ 6.6 billion to finance its stake in the Stage-2 project for the development of the Shah Deniz gas condensate…
Gas Field Discovered in Turkmenistan
A field has been discovered on the Uzunada (Long Island) area in the Caspian region, Caspian Barrel reports with reference to the state news agency…
AIOC increased volume of associated gas to SOCAR by 59%
The volume of associated gas to SOCAR increased by 58.9%, compared with the first quarter in 2016. In the quarter I of 2017, the BP-led Azerbaijan International…
SOCAR increased budget payments by 19%
The State Oil Company of Azerbaijan Republic (SOCAR) transferred 133,659 million AZN to state budget in April, 2017. Report informs referring to SOCAR, it is…
Turkish Petkim Increased Its Net Profit by 2.4 Times in Q1
The net profit of the Turkish petrochemical holding Petkim in the first quarter of 2017 compared with the same period in 2016 increased by 2.4…
Gas Production in Shah Deniz Falls by 300 Mcm
BP-Azerbaijan Company in the first quarter of 2017 extracted 2.4 bcm of gas from the Shah Deniz field. This is reported in the quarterly report…
Production at ACG Fell by 70,000 Barrels per Day in Q1
Oil production at the Azeri-Chirag-Gunashli (ACG) fields in the first quarter of 2017 exceeded 7.1 million tons, BP-Azerbaijan (operator of the development) reported. As reported,…
President of Azerbaijan Approved Contract for Umid/Babek Block
On May 11, the President of Azerbaijan, Ilham Aliyev, approved the Risk Service Contract for the exploration and development of the block of offshore fields…
Gas Leaking from Platform No. 7 of SOCAR – Personnel Evacuated
A gas leak occurred yesterday at well No. 319 on the platform No. 7 in the shallow part of the Gunashli field, the State Oil…
Turkstream pipeline begins, says Gazprom
On May 7, Gazprom started the laying of the Turkish Stream gas pipeline, Gazprom said. The Audacia ship of the All Seas Company (the world…
Drilling of new well launched at Oil Rocks
Drilling of well No. 2666 at “Oil Rocks” on the stationary platform No. 602A continues successfully. Report informs citing the State Oil Company of Azerbaijan…
First test gas will be pumped into TANAP in January
First test gas into the Trans-Anatolian Pipeline (TANAP), which will transport Azerbaijani gas to Turkey and then to Europe, will be pumped in January, 2018….
Vice-President of Bulgaria on Azerbaijani Gas
The main task of the European energy policy is security, competitiveness and sustainable development. This statement was made by the Vice-President of Bulgaria Iliana Yotova…
Azerbaijan’s Power Engineers Have Negative Long-term Forecast
Azerenergy OJSC (state monopolist for electricity production in Azerbaijan) expects the maintenance of stable electricity and gas tariffs in the short term, according to the…
Iran’s oil and gas output to grow by 2018
Therefore, Iran’s oil production growth would be about 10% more in 2018, compared to 2016. Iran’s oil production increased from 2.92 million barrels per…
Uzbekistan starts construction of new refinery worth $2.2B
Uzbekistan has started construction of an oil refinery which will operate using the crude imported from Kazakhstan and Russia, the Uzbekistan National News Agency (UzA)…
Supporting private sector – main aim of reforms in Turkmenistan
Support to the private sector of economy is among important priorities in Turkmenistan, President Gurbanguly Berdimuhamedov said in his message to participants of the international…
IMF forecasts oil production in Kazakhstan to grow
The International Monetary Fund (IMF) forecasts oil production in Kazakhstan to increase to 1.69 million barrels per day in 2017. In 2016, 1.62 million barrels…
OPEC and non-OPEC to Reduce Oil Production Again
The OPEC and non-OPEC countries fulfilled the agreement on the reduction of oil production by 98% in March, the cartel press release said. OPEC notes…
Russian Diplomat: Nord Stream-2 Project to Be Implemented
The Nord Stream-2 project will be implemented, Russia’s permanent representative to the EU, Vladimir Chizhov, said for Rossiya-24. “I personally believe, not because I’m a…
Iran Wants to Become Petrochemical Power
Iran expects to attract foreign investments into petrochemical projects worth $ 10 billion in the near future, Iran’s Deputy Minister for International Affairs and Trade…
Net Cash Flow from Kashagan $ 180 Million
Kashagan is the first offshore oil and gas field in the Kazakh sector of the Caspian Sea “Our preliminary estimates show that the fund Samruk-Kazyna…
SOCAR GPC’s Petrochemical Complex to Work by Early 2023
The final investment decision on the SOCAR GPC gas processing and petrochemical complex construction project in Azerbaijan is expected to be taken by early 2018,…