President of Azerbaijan’s State Oil Company (SOCAR) Rovnag Abdullayev has revealed the volume of production at Azeri-Chirag-Gunashli (ACG) block of oil and gas fields. Abdullayev said that 407 million tons of oil and 124.3 billion cubic meters of associated gas had been produced at Azeri-Chirag-Gunashli block of oil and gas fields in the Azerbaijani sector…
Energy systems of Belarus and Ukraine on October 1, are due to change over to the practice of keeping hourly records of electric power exchange, Belarus’ energy industries concern Belenergo said in a release. Energy authorities of Belarus and Ukraine earlier signed a corresponding agreement, Belenergo explained. In 2016 Belarus plans to import electric energy…
The Oil and Gas of Turkmenistan (OGT 2016) annual summit will be held on December 7-8, in Ashgabat with participation of the Turkmen Chamber of Commerce, according to an updated report, read a message from Turkmenistan’s Oil and Gas Complex. The event’s organizer is the UK Summit Trade Events. Turkmenistan ranks the second in CIS…
The Southern Gas Corridor (SGC) will bring tens of billions of net profit to Azerbaijan in 2018-2019, President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev said. “Shah Deniz 2 is one of our most promising projects. The development of the huge Shah Deniz field, which has around 1.2 trillion cubic meters of…
The Azerbaijani state oil company SOCAR plans to sign a new contract on the development of the Umid-Babek block of gas fields in the Caspian Sea by late 2016 to raise funds from international institutions and companies, Rovnag Abdullayev, SOCAR head, reported. “In general, the work is underway at the Umid field”, he said. “Drilling…
Azerbaijan’s state oil company SOCAR and Malaysia’s Petronas signed a memorandum of understanding on exploration, development and production of hydrocarbons at a block in the prospective offshore structure Goshadash, SOCAR said in a message. The Goshadash structure is located in the North-Western part of the Absheron archipelago in the Azerbaijani sector of the Caspian Sea.…
Russian oil major Lukoil may invest approximately $7.5-8 billion in 2017 and around $100 billion over the next 10 years, the company’s president Vagit Alekperov said. “Investments of $8-10 billion per year are the level that allows us to fulfill our obligations – pay dividends in accordance with the company’s policy, taxes and decent wages…