OAO Lukoil is seeking damages from China Petroleum & Chemical Corp. through arbitration proceedings in London, saying the Chinese company breached an agreement to buy 50 percent of a Kazakh Continue Reading
Italian energy company Eni committed to moving forward with developments at Kashagan oil field, one of the largest in the world. (Photo: North Caspian Operating Co.) ASTANA, Kazakhstan, Dec. 22 (UPI) — Italian energy company Eni said Monday it was committed to getting the Kashagan oil project in Kazakhstan, one of the world’s largest, up and running. Eni Chief Executive Officer Claudio Descalzi met in Astana with Kazakh leaders to discuss developments at the offshore Kashagan oil field . Kashagan is among the largest oil fields in the world, with an estimated 16 billion barrels of oil reserves. Production was halted in October 2013, less than a month after it started, when a pipeline associated with the field cracked open. Last week, members of the production consortium, which includes Eni, met with government officials and the North Caspian Operating Co. to review the project. Terms of an agreement charting […]
Parties to a gas pipeline from Turkmenistan agree to set wheels in motion by early 2015. UPI/Hamid Forotan/ISNA The four parties to the Turkmenistan- Afghanistan -Pakistan-India natural gas pipeline want to have a credible operator in place for the $10 billion project by the time members of the steering committee meet again in Islamabad in February. "All sides agreed that steps will be taken to start the project by 2015," project leaders said in a statement. French energy company Total was mentioned as a possible consortium leader, though it balked after Turkmenistan refused to offer it a stake in the Galkynysh natural gas field near the border of Afghanistan. It’s one of the largest gas fields in the world, with an estimated 925 trillion cubic feet of reserves, and is designated to feed the multilateral pipeline . None of the state-led companies in either of the countries involved have […]
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 […]
U.S. welcomes creating of joint venture entity to steer development of a gas pipeline stretching east from Turkmenistan. UPI/Hamid Forotan The governments of Turkmenistan, Afghanistan , India and Pakistan last week created a joint venture project to steer a pipeline that would send natural gas eastward from Turkmenistan. "The United States government welcomes the establishment of TAPI Ltd. and the ongoing commitment all four countries have made to the project," an unnamed State Department official was quoted by the Press Trust of India as saying Wednesday. Twice during press conferences this week, State Department spokesman Jeff Rathke sidestepped questions on the project , saying he did not have the information on hand. Pakistani and Afghan leaders met separately this week to discuss implementation of the project, with Afghan President Ashraf Ghani saying it would ensure multilateral economic development . The government of Turkmenistan is hosting its Afghan, Pakistan and […]
Italian energy company Eni commits long-term to Turkmenistan. (UPI/Shutterstock/smereka) ASHGABAT, Turkmenistan, Nov. 18 (UPI) — Italian energy company Eni said Tuesday it signed an extension to a production agreement for operations onshore and offshore Turkmenistan. Eni Chief Executive Officer Claudio Descalzi signed an addendum to the existing contract in Turkmenistan with his counterparts in Turkmenistan. The agreement extends the duration of the contract to 2032 and includes a separate agreement for the potential extension of Eni’s operations into the waters of the Caspian Sea. Eni provided no estimate of the expected reserve benefits of the addendum to its production sharing agreement. The Central Asian country is one of the largest natural gas producers in the world and exports most of its natural gas to China. Last year, the country opened its Galkynysh natural gas field near the border of Afghanistan . It’s one of the largest gas fields in […]
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 […]
4579 Votes REUTERS/Anatoly UstinenkoAn aerial view shows artificial islands on Kashagan offshore oil field in the Caspian sea, western Kazakhstan, April 7, 2013. Picture taken April 7, 2013. WHEN it was discovered in 2000, the Kashagan oilfield in Kazakhstan’s waters in the northern Caspian Sea was the world’s biggest oil find in three decades. By now it was supposed to be pumping out 1.2m barrels a day (mbd), enough to meet Spain’s entire consumption. But the project, whose name sounds unfortunately like “cash all gone”, went spectacularly awry. A year ago, when the first trickle of crude briefly flowed, it was already eight years behind schedule. Having cost $43 billion, it was $30 billion over budget. And production lasted only a few weeks before leaks of poisonous gas forced its suspension. Earlier this month a government minister admitted it would not restart until at least 2016. Undeterred by the […]
An aerial view shows artificial islands on Kashagan offshore oil field in the Caspian sea, western Kazakhstan, April 7, 2013. Picture taken April 7, 2013. REUTERS/Anatoly Ustinenko (KAZAKHSTAN – Tags: BUSINESS ENERGY) – RTX136VO The cost of Kashagan, already the world’s most expensive oil project , is set to rise by nearly $4bn as the companies developing it are forced to replace 200km of leaking pipelines. The rise marks another setback for a venture that was supposed to symbolise Kazakhstan’s emergence as a leading oil producer, but it has been dogged by technical challenges, delays and cost over-runs. More On this topic IN Oil & Gas The consortium – which includes , , , and CNPC – marked first production at the Kazakhstan field in September last year after spending $50bn on its development, but production was shut weeks later when sulphur-containing gas was discovered leaking from pipelines between […]
