Tag Archives: hydrocarbons

Kazakhstan looks for Caspian Sea oil partners

JUNE 1 2015 (The Conway Bulletin) – Seemingly undeterred by the fall in global oil prices over the past 12 months, Kazakhstan announced a new project to explore the Caspian Sea for more oil and gas deposits that it may be able to tap into.

Vladimir Shkolnik, Kazakhstan’s energy minister was talking to the Kazakh parliament when he made the announcement.

“Based on studies by international experts, the Caspian Depression is estimated to hold giant hydrocarbon reserves of some 60 billion tonnes of oil. This is why we are starting to implement the Eurasia project with the use of innovative geological technologies,” he said.

“Five of the world’s leading oil and gas companies have displayed interest in this project and we are now forming a consortium.”

If, though, Mr Shkolnik was high on grand gestures, he was weaker on the detail.

Mr Shkolnik may have said that five international companies were looking at joining the Kazakh government in a consortium, but he didn’t say which ones. Currently, with oil prices hovering per barrel, down from around $100 in the summer, exploring the Caspian Sea may not be an enticing prospect.

And there is also the small matter of Kashagan too. Kazakhstan and its partners have poured billions of dollars into this Caspian Sea oil field and yet it is still to produce significant quantities of oil.

ENDS

(News report from Issue No. 234, published on June 4 2015)

Kazakhstan to boost petrol production

JUNE 3 2015 (The Conway Bulletin) – Kazakhstan plans to produce the higher grade AI-92 and AI-95 petrol at a refinery in the north of the country, media reported quoting the Kazakh Development Bank. Kazakhstan has a shortage of refined oil products.

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(News report from Issue No. 234, published on June 4 2015)

Serbia boosts Azerbaijan’s aspirations

MAY 29 2015 (The Conway Bulletin) – Serbia has withdrawn from Russia’s Turkish Stream project, Serbian PM Alexander Vucic said, handing an important boost to Azerbaijan’s aspirations of becoming a major gas supplier to Europe. Russia plans to build a gas pipeline across the Caspian Sea to Turkey and then into Europe via the Balkans.

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(News report from Issue No. 234, published on June 4 2015)

Kazakh Tengizchevroil output rises

JUNE 1 2015 (The Conway Bulletin) – Oil output at Tengizchevroil, Kazakhstan’s biggest oil producer, rose by 4.4% in Q1 compared to the same period in 2014, Reuters reported quoting its director-general Tim Miller. Chevron owns 50% of Tengizchevroil, ExxonMobil owns 25%, Kazmunaigas owns 20% and Lukoil owns 5%.

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(News report from Issue No. 234, published on June 4 2015)

Azerbaijan and Iraq pledge oil development

JUNE 2 2015 (The Conway Bulletin) – At a meeting in Baku, Azerbaijan’s energy ministry pledged to help Iraq explore for more oil.

The joint agreement was important because it underlined Azerbaijan’s determination to play a greater role in regional affairs. Iraq has been looking for partners to explore for more oil deposits and, although this agreement doesn’t actually put an exploration phase in motion, it does lay important groundwork for one.

Natig Aliyev, Azerbaijan’s energy minister, said: “We’re talking about investing in Iraq. We plan to choose there one of the projects, that is, an oilfield, and will work on it. In turn, Iraqi companies have been invited to participate in projects in Azerbaijan. I’m sure this collaboration will be productive.”

Azerbaijan has assumed an increasingly important role in the region.

It is seen by more turbulent neighbours as a stable, prosperous country which has been able to balance conflicting regional issues and develop its oil sector.

Azerbaijan has hosted Afghan government delegations and promised to play a role in developing government institutions there, Israel considers Azerbaijan to be a regional ally and Baku has also rebuilt relations with Tehran over the last couple of years.

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(News report from Issue No. 234, published on June 4 2015)

Azerbaijan backs Caspian route

MAY 26 2015 (The Conway Bulletin) – In a boost for EU aspirations to pump gas from Turkmenistan, Azerbaijan said that although the countries which ring the Caspian Sea still argue over ownership, it didn’t see any problems building a pipeline across it, media reported. The EU is keen to diversify its gas supplies away from Russia.

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(News report from Issue No. 233, published on May 28 2015)

Turkmenistan wants to increase gas output

MAY 22 2015 (The Conway Bulletin) – With European gas supplies in mind, Turkmenistan intends to increase gas output, media quoted the petroleum minister, Muhammetnur Halyov, as saying. Turkmenistan is positioning itself to become a major supplier of gas to the EU in the next few years.

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(News report from Issue No. 233, published on May 28 2015)

BP repairs oil platform in Azerbaijan’s Caspian Sea

MAY 21 2015 (The Conway Bulletin) – BP suspended operations for 22 days at its West Azeri platform in the Caspian Sea for planned maintenance work. The Azerbaijani government has put BP under pressure to maintain oil output at its fields.

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(News report from Issue No. 233, published on May 28 2015)

Pakistani PM visits Turkmenistan

MAY 20 2015 (The Conway Bulletin) – Pakistani prime minister Nawaz Sharif flew to Ashgabat to meet with Turkmen president Kurbanguly Berdymukhamedov and discuss prospective energy projects.

After their meeting, Mr Sharif said Pakistan wanted to speed up regional energy projects, including the Turkmenistan-Afghanistan-Pakistan- India (TAPI) pipeline — a much-discussed project that could deliver Turkmen gas to South Asia.

Mr Sharif’s visit to Ashgabat highlights just how important the TAPI project is to South Asia and also reflects Turkmenistan’s burgeoning status in the region.

Turkmenistan is trying to push the TAPI project forward in order to diversify its export routes. Its main client is China although it is also in talks with the EU to supply gas.

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(News report from Issue No. 232, published on May 20 2015)

SOCAR becomes biggest company in Georgia

MAY 14 2015 (The Conway Bulletin) – Outside the financial sector, SOCAR, Azerbaijan’s state energy company, is the largest company in Georgia, media reported quoting research from Ilia University in Tbilisi. SOCAR Petroleum Georgia is a SOCAR subsidiary. Its main business in Georgia is a network of petrol stations.

ENDS

(News report from Issue No. 232, published on May 20 2015)