Karachaganak: Expansion Costs Halved
The estimated cost of a project to boost output at the Karachaganak gas condensate field in Kazakhstan has been halved from last year’s $9 billion, a senior Kazakh energy official said on Friday. The cost may be reduced even further, said Murat Zhurebekov, chief executive of PSA LLC, a unit …
SOCAR: Signs MOU for the Eurasia Project
Azerbaijan’s state oil company SOCAR, along with other interested companies, signed a memorandum of understanding (MoU) on implementation of the Eurasia project, which envisages development of the Caspian Depression in Kazakhstan. The memorandum was also signed by KMG Eurasia LLP, Agip Caspian Sea B.V., RN-Exploration LLC, CNPC International Ltd., and …
Eni: To Form Joint Operating Copany with JSC NC KMG for the Isatay Block
JSC KazMunayGas (KMG) Chief Executive Officer, Sauat Mynbayev and Eni’s CEO, Claudio Descalzi signed an agreement today at the Foreign Investors’ Council in Astana. The agreement renews the conditions for the transfer to Eni of 50% of the subsoil use rights in the Isatay block, located in the Caspian Sea, …
GE: Kazakhstan is “Hugely” Important to the Global Energy Sector
Kazakhstan, with its strategic trade position and strong energy portfolio, is “hugely” important to the global energy sector, a director at GE Oil & Gas said. General Electric hosted a forum in the Kazakh capital of Astana to focus on emerging regional trends in the transportation and energy industries. Lorenzo …
Urals Energy: First Annual Tanker Sets Sail
Urals Energy PCL, the independent exploration and production company with operations in Russia, is pleased to make the following announcements: Tanker loading The planned first annual tanker shipment for export from Arcticneft on Kolguyev Island has been successfully completed. The tanker has left Kolguyev Island with 30,439 tons of crude …
More Research on CO2 Reduction and Digitalisation
Statoil’s new technology strategy intensifies the company’s research on CO2 reduction and digital solutions. “Statoil wants to be in the forefront of the development in the oil and gas industry. Technology and innovation are vital to finding more resources and developing projects, while at the same time reducing costs and …
Rosneft Finds First Oilfield in the Khatanga Licence Block
Russia’s largest oil producer Rosneft said on Sunday it had found its first oilfield in the Laptev Sea in the eastern Arctic, making a breakthrough in the search for hydrocarbons in the harsh and far-flung region despite Western sanctions. Rosneft and its partners plan to invest 480 billion roubles (6.57 …
KMG EP Purchased a 49% Share in Karpovskiy Severniy LLP
JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) announces the acquisition of a 49% share in Karpovskiy Severniy LLP (“KS”) from MOL Hungarian Oil and Gas Plc. (“MOL”) for 1 (one) US dollar. As a result, KMG EP now owns a 100% interest in KS. All regulatory approvals have …
Kazakhstan’s Tengizchevroil cuts dividends to finance expansion
Tengizchevroil, Kazakhstan’s biggest oil producer, has reduced dividend payouts to its shareholders Chevron, ExxonMobil, LUKOIL , and KazMunayGaz, KazMunayGaz’s chief executive Sauat Mynbayev said on Thursday. Mynbayev told reporters Tengizchevroil would also borrow about $20 billion to help finance the $37 billion expansion. He did not say what the previous …
New Standby Vessel for Sakhalin-2 Named Stepan Makarov
On 15 June 2017, the naming ceremony took place for a new multifunctional icebreaking standby vessel (IBSBV) built for Sakhalin-2 project under a long-term agreement between Sakhalin Energy and SCF. Stepan Makarov will have Saint Petersburg as her home port and is registered under the Russian flag. The main tasks …