Tag Archives: hydrocarbons

Iran swaps oil plans with Kazakhstan and Turkmenistan

MAY 9 2016 (The Conway Bulletin) – Iran’s deputy oil minister, Amir Hossein Zamaninia said his country plans to swap oil and gas with Russia, Kazakhstan and Turkmenistan. Currently, Iran relies solely on Turkmen supplies for its northern provinces. In the past few years, Iran has signed short-term swaps with Kazakhstan and Russia. The new plan aims to turn these short-term deals into long-term agreements. Central Asian states, especially Kazakhstan, have been keen to pull Iran into their sphere of economic influence since most sanctions were lifted earlier this year.

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(News report from Issue No. 280, published on  May 13 2016)

Italy’s Saipem wins $1.5b Azerbaijan’s Shah Deniz contract

MAY 3 2016 (The Conway Bulletin) – A consortium led by Italian oil and gas service company Saipem won a $1.5b contract to transport and install a deepwater subsea production system for the second phase development of the Shah Deniz offshore gas field in Azerbaijan.

Shah Deniz, operated by BP, is central to Azerbaijan’s gas production. Once its second phase comes online, it will be the cornerstone of the so-called Southern Gas Corridor, a network of pipelines that will feed gas to Europe from the Caspian Sea.

Saipem’s management said the company will receive a fee of $1.3b from the overall deal.

“This award further strengthens Saipem’s key role in the construction of the Southern Gas Corridor where the company has a total of four contracts, in the upstream segment and in gas transportation infrastructure both onshore and offshore,” Stefano Cao, Saipem CEO, said in a statement.

Saipem, 30% owned by Eni, owns stakes in the other two companies in the consortium that won the contract – BOS Shelf and Star Gulf.

SOCAR, the Azerbaijani state energy company, owns 96% of BOS Shelf. Star Gulf owns the remaining 4%. Saipem owns 100% of Star Gulf.

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(News report from Issue No. 279, published on  May 6 2016)

 

ADB expects Turkmenistan’s TAPI to be completed by 2021

MAY 5 2016 (The Conway Bulletin) – The Asian Development Bank (ADB) said it expects the TAPI pipeline project to be completed by 2021. TAPI will pump Turkmen gas to India through Afghanistan and Pakistan. The Turkmen government insists the pipeline would be ready by 2019. For Turkmenistan TAPI has become a race against time. It wants to diversify its client base. The ADB, which is an adviser on the project, has offered a potential $600m loan.

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(News report from Issue No. 279, published on May 6 2016)

 

Kazakhstan-based Olisol makes Tethys deal

APRIL 29 2016 (The Conway Bulletin) – Kazakhstan-based Olisol will inject 9.8m Canadian dollars ($7.6m) into Tethys Petroleum, a Guernsey based oil and gas company, triggering a new share issue. The long-negotiated agreement will bring Olisol’s ownership in Tethys to 42%. Shareholders will vote on the deal at the annual meeting at the end of May. Tethys operates in Kazakhstan, Tajikistan and Georgia.

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(News report from Issue No. 279, published on  May 6 2016)

 

Kazakhstan’s KMG EP and CEFC finalise JV

APRIL 30 2016 (The Conway Bulletin) – State-owned KMG EP and China’s CEFC energy company finalised their earlier agreement to form a joint venture that will take over the business of KMG International, formerly Rompetrol. In December, CEFC bought a 51% stake in KMG International for $680m, KMG EP revealed this week.

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(News report from Issue No. 279, published on  May 6 2016)

 

Turkmen President woos Qatar

APRIL 29 2016 (The Conway Bulletin) – Turkmen President Kurbanguly Berdymukhamedov invited Qatar’s business community to invest in the construction of the Turkmenistan- Afghanistan-Pakistan-India (TAPI) gas pipeline. The first investment agreement was signed by the consortium shareholders in April 2015. The project is considered pivotal in connecting South and Central Asia as well as for securing the long-term future of Afghanistan.

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(News report from Issue No. 279, published on May 6 2016)

 

Gazprom Armenia applies discount

APRIL 27 2016 (The Conway Bulletin) – Gazprom Armenia, the Russian owned gas distributor, said it will apply to the country’s regulator to lower consumer prices by 6%. The discount will be limited to households that consume 10,000 cubic metres of gas a year, the company said. Earlier this month, Gazprom said it would give the Armenian government a 9% discount on the gas it supplies.

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(News report from Issue No. 278, published on April 29 2016)

 

Azerbaijan’s oil exports drop

APRIL 26 2016 (The Conway Bulletin) – Oil exports from Azerbaijan’s state- owned energy company SOCAR shrank by 10% in 2015 compared to 2014. In 2015, SOCAR exported 22.1m tonnes of oil, out of total country exports of 35.2m tonnes. Its share of Azerbaijan’s oil exports also fell from 70% in 2014 to 63% last year.

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(News report from Issue No. 278, published on April 29 2016)

 

Wood wins Azerbaijan contract

APRIL 28 2016 (The Conway Bulletin) – Aberdeen-based oil and gas services company Wood Group said it had won a $500m contract to provide engineering, procurement and construction management services to eight BP offshore oil and gas facilities in Azerbaijan. The contract will last for five years, with the option to renew it for another four. Wood Group will service the Azeri-Chirag-Guneshli and the Shah Deniz Stage 1 projects, the largest oil and gas projects in the country.

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(News report from Issue No. 278, published on  April 29 2016)

 

Kazakhstan based Nostrum announces Q1

APRIL 27 2016 (The Conway Bulletin) – Kazakhstan-focused energy company Nostrum Oil & Gas posted a 30% drop in revenues for the first quarter of 2016 compared to last year because of sustained low oil prices. In Jan.-March 2016, Nostrum said revenues were $70m, down from $100m in 2015. Production was also down by 15% to 38,754 barrels of oil equivalent per day.

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(News report from Issue No. 278, published on  April 29 2016)