Azerbaijan and Uzbekistan are forging tighter partnerships as they look to bypass Russian trade routes. The landmark deal outlines joint projects in the oil and gas, petrochemical and renewable energy Continue Reading
As the European Union continues to pursue new sources of energy to replace Russian oil and gas, it is expanding its energy partnership with Azerbaijan. On the 18th of July, Continue Reading
Expects 9% increase in gas exports in 2022 Investment needed to raise output, export capacity European gas prices boosting investment case for Azerbaijan Azerbaijan is ready to ship gas to Continue Reading
Few options to immediately increase Azerbaijan’s oil output Transit of non-Azeri crude via BTC pipeline growing Crude production is far below its OPEC+ quota Azerbaijan is benefiting from the EU’s Continue Reading
The European Union is seeking more natural gas from Azerbaijan, an EU official said on Friday, as Europe grapples with high energy bills and tight deliveries from Russia, its main Continue Reading
Before last year, energy was one of the bright spots in Nagorno-Karabakh’s economy. The de facto authorities had built a network of small hydropower plants to supplement a larger, Soviet-era Continue Reading
Azerbaijan risks significant economic shocks in the future if it continues to rely heavily on oil and gas as the main pillar of its economy, a new report from the Continue Reading
Azerbaijan signed agreements with Saudi Arabia’s ACWA Power for the construction of a 240-megawatt wind park. Azerbaijan’s Energy Minister Parviz Shahbazov and his Saudi counterpart, Crown Prince Abdulaziz bin Salman, attended Continue Reading
There is a long history of drilling for hydrocarbons in the Black Sea. After all, oil-rich Azerbaijan, and the Caspian region in general, was one of the first spots in Continue Reading
Armenia and Azerbaijan have declared martial law and mobilised their armed forces after clashes escalated over the disputed enclave of Nagorno-Karabakh, killing several people on Sunday. Both sides blamed each other Continue Reading
Fighting that was reported to be fierce broke out on Sunday between Azerbaijan and Armenia and quickly escalated, with the two sides claiming action with artillery, helicopter and tanks along Continue Reading
People attend a meeting to recruit military volunteers in Yerevan, Armenia, on Sunday. MOSCOW — Renewed fighting between Armenia and Azerbaijan on Sunday threatened to reignite a three-decade-old conflict over Continue Reading
An aide to Azerbaijan’s President Ilham Aliyev denied on Monday that Turkey had sent fighters from Syria to Azerbaijan amid fighting over the breakaway region of Nagorno-Karabakh. Armenia’s ambassador to Continue Reading
On 12 July 2020, Armenia’s military shelled the village of Aghdam in Azerbaijan’s Tovuz district in the northwest of the country. The forces of Azerbaijan responded, attacking Armenian military structures, Continue Reading
One of the world’s forgotten conflicts is now making headlines again. In the last week, the military conflict between Azerbaijan and Armenia has reignited, with the two nations having already Continue Reading
Demand for dollars has spiked in Azerbaijan amid fears of another currency devaluation following a plunge in oil prices. A feud between Saudi Arabia and Russia led to a sharp Continue Reading
Some of the world’s first ever commercial oil wells were operational near Baku in 19 th century Imperial Russia in today’s Azerbaijan. The oil abundance produced some of the wealth Continue Reading
Three decades after gaining independence, Azerbaijan and Kazakhstan face a growing struggle convincing investors and markets of the potential for significant new oil opportunities in the Caspian region. Receive daily Continue Reading
BP PLC and its partners will lead a $6 billion development of the giant Azeri-Chirag-Deepwater Gunashli oil-field complex offshore Azerbaijan, the U.K. oil major said Friday. The Azeri Central East Continue Reading
Since the oil industry started to recover from the 2014 price crash, U.S. supermajors ExxonMobil and Chevron have been re-aligning their global operations with their longer-term priorities, betting more on Continue Reading
Exxon Mobil ( XOM.N ) and Chevron ( CVX.N ) are seeking to sell their stakes in Azerbaijan’s largest oilfield, marking the retreat of the U.S. majors from the former Continue Reading
Castigated by U.S. President Donald Trump as relying too much on Russian gas supplies, German Chancellor Angela Merkel heads to Azerbaijan this week to discuss the development of a southern Continue Reading
The Organization of the Petroleum Exporting Countries and Azerbaijan are discussing deepening cooperation, including possible Azeri membership of OPEC, two sources familiar with the talks told Reuters on Monday. Azerbaijan, Continue Reading
For at least $150 million, services company Subsea 7 will support BP operations off the coast of Azerbaijan in some of the largest oil and gas fields in the world. Continue Reading
The Southern Gas Corridor, connecting Azerbaijan to the world’s largest economic block, is one of the most important infrastructure pipeline projects worldwide, bringing Caspian gas into Europe. Europe wants to Continue Reading
Azerbaijan is ready to get in line behind any extraordinary effort needed to stabilize the market if a plan develops, its energy minister said Friday. Members of the Organization of Continue Reading
A deal by BP to extend oil production-sharing in Azerbaijan by 25 years is profitable at current oil prices even after paying a signing bonus and cutting foreign companies’ stake Continue Reading
A contract for the largest oil complex offshore Azerbaijan could lead to billions of dollars in investments and billions more in oil barrels, analysis finds. British energy company BP led Continue Reading
BP’s stake in Azerbaijan’s vast oilfields is expected to shrink under a new production-sharing agreement with state energy company SOCAR, two industry sources familiar with the talks told Reuters. Azerbaijan Continue Reading
An explosion has occurred at a gas pipeline near Azerbaijan’s capital Baku early on Monday, the country’s Emergencies Ministry said, the second such incident in a week. An explosion hit Continue Reading
Azerbaijan can’t seem to turn the page on what’s been a year of currency jitters following its 50 percent devaluation in 2015. Dollars are again in short supply in Azerbaijan’s Continue Reading
OPEC may ask oil producers outside the cartel to make big cuts in output, Azerbaijan said on Thursday, highlighting the challenges in striking a deal as the two sides enter Continue Reading
Two major Caspian Sea oil fields scheduled to come on stream this year will together produce at least 200,000 barrels of crude per day (bpd) by the end of 2016, Continue Reading
A BP subsidiary working in the Caspian Sea announced it reached a landmark for oil pulled from Azeri waters with its 3 billionth barrel. BP’s regional office for Azerbaijan, Georgia Continue Reading
Projects meant to exploit the strategic position of the Caspian Sea and its oil and natural gas are national priorities, Azerbaijan, Iran and Russia said. The Iranian and Russian presidents Continue Reading
Russia and Turkey signaled that they would resuscitate the development of a natural-gas pipeline between them, potentially undermining European efforts to reduce reliance on Russian energy with fuel piped in Continue Reading
U.S. oil major Exxon Mobil ( XOM.N ) and Britain’s BP ( BP.L ) are at loggerheads over a giant oil production deal with Azerbaijan, blocking renewal of what was Continue Reading
Though some geopolitical conflicts may impede the progress, Azerbaijan is positioned to become one of the region’s key players in natural gas, analysis finds. A review from the U.S. Energy Continue Reading
A BP subsidiary trying to pull gas from offshore Azerbaijan said it doled out a $1.5 billion contract to help get gas flowing within the next two years. BP, working Continue Reading
Georgian Energy Minister Kakha Kaladze struck a deal with Rovnag Abdullayev, the president of the State Oil Company of Azerbaijan Republic (SOCAR), Civil Georgia reported March 4. Under the terms Continue Reading
Ilham Aliyev, Azerbaijan’s president Officials from the International Monetary Fund and the World Bank are heading to Azerbaijan to discuss a possible $4bn emergency loan package in what risks becoming Continue Reading
Asian and European lenders offer support for Azeri gas project that would help diversify a European energy sector dependent on Russia. Photo by tcly/Shutterstock MANILA, Aug. 7 (UPI) — Asian and European lenders unveiled a $1 billion finance package Friday to help fund an Azeri natural gas field meant to diversify the European energy sector. The Asian Development Bank and the European Bank for Reconstruction and Development, with support from the Black Sea Trade and Development Bank, announced funding support for the second stage of the Shah Deniz natural gas field off the coast of Azerbaijan. The ADB said the project is "crucial" for energy security in the European economy. "This project is one of the European Union’s highest priorities for the energy sector," EBRD Managing Director for Energy and Natural Resources Riccardo Puliti said in a statement. "It is key for energy security because it diversifies routes and […]
Armenian soldiers during a cease fire during the Nagorno-Karabakh War in 1993. Russia’s southern periphery is closer to open war than at any time since the 1990s. Hostilities between Azerbaijan and Armenia are mounting 21 years after a cease-fire froze a conflict that flared in the dying days of the Soviet Union. During the relative calm, companies including BP Plc poured billions of dollars into producing oil and gas in Azerbaijan and building pipelines to link the country with southern Italy. The upswing in violence now threatens to put some of those investments at risk and destabilize a region that separates Russia from Turkey and Iran. A May 3 election looming in Nagorno-Karabakh, the region Armenians took over in the war more than two decades ago, may trigger a wider confrontation, the Royal Bank of Scotland Group Plc said. The vote “could further escalate the tensions, increasing the risks […]
Natural gas developments key part of bilateral ties with Azerbaijan, country report from the European Union said. (UPI/Shutterstock/James Jones Jr.) Development of a natural gas pipeline network from Azerbaijan is one of the most important aspects of bilateral ties, a European Union report said Wednesday. The European Union published a series of reports Wednesday on the neighborhood policy for Eastern European and Central Asian countries, some of which are former Soviet republics. The report for Azerbaijan said the country’s economy was stable and diverse in part because of growth outside of the energy sector, which nevertheless underpinned bilateral ties . Azerbaijan is rich in natural gas reserves, which the EU sees as a source of diversification for an energy sector dominated in large part by Russia. "The commitment for the implementation of the Southern Gas Corridor continued to be of utmost importance for the EU-Azerbaijan dialogue," the country report […]
BP continues with development contracts for Azeri gas field meant to break Russia’s grips on the European energy sector. UPI/Maryam Rahmanian TORONTO, Nov. 20 (UPI) — A Canadian pipeline company said it secured a $200 million contract from BP to help develop the second phase of the Shah Deniz gas field off the Azeri coast. ShawCor Ltd., which has headquarters in Toronto, said its pipe coating division secured the contract for work at a plant in Baku , the capital of Azerbaijan. The contract is the second development contract awarded by BP for work in Azerbaijan this month. Energy services company Emerson Process Management secured a $40 million contract from BP to provide control and safety systems for an onshore terminal associated with Shah Deniz BP has awarded more than $1 billion in development contracts since selecting the Trans-Adriatic pipeline as its option for Shah Deniz last year. TAP […]
Russia has little to fear about Azeri energy deals in Europe, scholar tells Turkish media. (UPI/Shutterstock/Igor Golovniov) Trade deals between Russia, Turkey and Azerbaijan should ease Kremlin concerns about Baku’s energy agreements with Europe, an Azeri scholar said. Elhur Soltanov, a foreign policy export at Azerbaijan Diplomatic Academy, told Turkish newspaper Hurriyet trilateral relations between Baku, Ankara and Moscow are a diplomatic success . "This interdependence, with all the interrelated energy and trade deals, eases Russia’s concerns over Azerbaijan’s energy deals," he said Monday. A European economy fearful that conflict in Ukraine could jeopardize the gas supplies Russia sends through the former Soviet republic has looked to Azerbaijan as a source of energy security. Last week, the State Oil Co. of Azerbaijan Republic announced it signed contracts in Turkey for the construction of the Trans-Anatolian natural gas pipeline . TANAP will transport natural gas from the Shah Deniz complex […]
Azeri company signs documents with pipe suppliers for TANAP gas line from Shah Deniz offshore field. (UPI/Shutterstock/smereka) ANKARA, Turkey, Oct. 15 (UPI) — The State Oil Co. of Azerbaijan Republic announced it signed contracts in Turkey for the construction of the Trans-Anatolian natural gas pipeline. SOCAR President Rovnag Abdullayev signed the documents in Ankara with Turkish Prime Minister Ahmet Davutoglu and Turkish Energy Minister Taner Yildiz . The contract calls for a consortium of Turkish companies, and one Chinese contractor, to provide pipes for the TANAP pipeline . "TANAP is not only an energy project, but also a huge peace project," the Turkish prime minister said in a statement Tuesday. "It builds a peace bridge between the Balkans and Caucasus." TANAP will transport natural gas from the Shah Deniz complex off the coast of Azerbaijan through Turkey to the Greek border. British energy company BP leads the group that […]
The leaders of Armenia and Azerbaijan plan to meet this week in a bid to defuse escalating tensions between the two countries after at least 18 soldiers were killed in the worst clashes in two decades. The fighting in the past week in the disputed region of Nagorno-Karabakh has been the deadliest since the two former Soviet states signed a cease-fire in 1994. Armenian President Serzh Sargsyan will hold talks with his Azeri counterpart Ilham Aliyev in the Russian city of Sochi on Aug. 8-9, Armenian Prime Minister Hovik Abrahamyan said on the government’s website. “We hope that serious arrangements will be reached during the meeting,” Abrahamyan said. “We are not afraid of war, I just think it is not clever to solve problems with wars in the 21st century.” The skirmishes between the South Caucasus countries, which border Turkey and Iran , flared amid the worst geopolitical standoff […]
Building a gas corridor from Azerbaijan is just as as it is Azeri economic development, a top European leader said in Baku. European Commission President Jose Manuel Barroso spoke before an audience at the Azerbaijan Diplomatic Academy University, saying the country has undergone "radical and rapid change" since it gained independence from the Soviet Union in 1991. European leaders have said the huge volumes of natural gas off the coast of the former Soviet republic could help break Russia’s grip on the European energy sector. The so-called Southern Corridor envisions a series of pipelines from Caspian reserves to the European market. "This is a project that can encourage greater economic cooperation, improve energy security and create over 30,000 jobs in all countries along the corridor," Barroso said Saturday. British energy company BP is leading efforts to draw natural gas from the Shah Deniz gas field off the coast of […]
