BP Stated That Sanctions Against LUKOIL Do Not Affect Oil Production at Shah Deniz
Production at the Shah Deniz field in the Caspian offshore continues at full capacity despite Western sanctions against LUKOIL, which holds nearly 20% in the project, said BP Regional President for Azerbaijan, Georgia and Turkey Giovanni Cristofoli at a press conference in Baku. “Management of the company’s share and revenues …
Azerbaijan Steps Up Oil Exploration to Offset Depleted Azeri–Chirag–Gunashli Reserves
Against the backdrop of declining production at the Azeri–Chirag–Gunashli field, Azerbaijan has signed exploration agreements with four international companies — ExxonMobil, TPAO, MOL, and Gran Tierra. The focus is on finding new onshore and offshore resources. These agreements emerged from the country’s first open tender, in which 11 companies participated. …
BP Does Not Rule Out the Possibility of Developing Gas Reserves at the Karabakh Field
BP plc, in addition to oil production, plans to consider the possibility of developing the gas reserves of the Karabakh field in the future, said Colin Allan, Vice President for Finance in the Azerbaijan, Georgia, and Turkey region, at the Baku Energy Forum. “Although at present we are predominantly focused …
ExxonMobil and SOCAR Sign Agreement for Onshore Oil and Gas Exploration and Production in Azerbaijan
ExxonMobil and Azerbaijan’s state energy company SOCAR have signed an agreement for the exploration and production of oil and gas onshore in Azerbaijan. Meanwhile, BP is acquiring new offshore fields in the country. According to Reuters, oil production in Azerbaijan primarily relies on mature offshore oil fields in the Caspian …
MOL Signed Major Agreement in Azerbaijan to Develop Gas Reserves of the ACG Field
MOL Group and its Joint Venture (JV) partners signed commercial agreements for the development of gas reserves in Azerbaijan. After SOCAR and BP, MOL is the third largest shareholder in the giant ACG field, where non-associated gas reservoirs were identified beneath and above the producing oil reservoirs. The partners have …
Tatneft Will Participate in the Project to Develop the Bibi-Heybat Field in Azerbaijan
The head of the company, Nail Maganov, noted that Bibi-Heybat is one of the oldest deposits in the republic. Tatneft will participate in a project to develop one of the oldest fields in Azerbaijan – Bibi-Heybat, where it will work together with the Azerbaijani company Socar on the introduction of …
A Framework Agreement Was Signed with BP on Operations on the Caspian Shelf of Azerbaijan
The total cost of services is estimated at about $ 300 million. The framework agreement on underwater work in the territorial waters of Azerbaijan in the Caspian Sea was signed in Milan on July 12, 2024. This was reported in the Italian company Saipem. The document was signed between the …
RussNeft Withdrew from Assets in Azerbaijan
The company has no foreign production assets left. RussNeft has excluded from its structure companies that control assets in Azerbaijan, according to the updated list of affiliates of the oil company. The document excludes the connection between the PJSC and the British-Virginia GEA Holdings Ltd., which participates in a number …
Uzbekistan Plans to Enter the Shah Deniz project in the Caspian Sea
Uzbekneftegaz plans to become a participant in the project to develop the Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea, Minister of Investment, Industry and Trade of Uzbekistan Laziz Kudratov told reporters on Tuesday. “Uzbekneftegaz” and SOCAR (State Oil Company of Azerbaijan, SOCAR) may sign an …
Alexey Miller and Head of SOCAR Rovshan Najaf Hold Working Meeting
A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Rovshan Najaf, President of the State Oil Company of the Azerbaijan Republic (SOCAR), took place. The parties discussed the matters pertaining to the cooperation between the companies in the gas sector. Source