March 24, 2023
MOL Group is transporting crude oil produced at its co-owned oilfield, the Azeri–Chirag–Gunashli in Azerbaijan, to Slovnaft Refinery in Bratislava. This is a major step in the company’s efforts to increase its crude sourcing flexibility.
January 17, 2023
Masdar has signed joint development agreements with the State Oil Company of the Republic of Azerbaijan for onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, with a total combined capacity of 4 gigawatts.
July 28, 2022
Aquaterra Energy has been awarded a high-pressure high temperature subsea riser contract with oil and gas operator, Umid Babek Operating Company (UBOC), for the exploration of its HP well on the Babek project in Azerbaijan.
April 13, 2022
A new joint venture between EnerMech and Oil & Gas Proserv, an affiliated company of Nobel Energy Group in Azerbaijan, has secured its first two contracts in the region totaling $3 million.
February 20, 2021
Hayal Ahmadzada, Socar’s chief trading officer, said the glut of excess oil stocks that built up in 2020 in response to the pandemic will be fully drawn down by the summer. At the same time, soaring prices for steel used in pipes, wells and fittings as well as the high cost of capital for producers will crimp a meaningful supply response by an already hobbled industry even as demand returns.
February 08, 2021
Turkey’s state-owned oil and gas company is considering partnerships and plans to raise funding this year to carry out work on the biggest natural gas discovery in the Black Sea, according to people with knowledge of the matter.
September 28, 2020
The conflict centers on the Nagorno-Karabakh region claimed by both countries. In theory, it has the potential to disrupt oil and gas flows from Azerbaijan, since export pipelines from the Caspian Sea region’s second-biggest crude producer run within just 10 miles of its border with Armenia.
December 16, 2019
Petrofac, in a joint venture (JV) with the State Oil Company of the Republic of Azerbaijan (SOCAR), has secured a project management services contract to support BP’s operations in Azerbaijan and Georgia.
November 04, 2019
MOL has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, for total consideration of $1.57 billion.
October 04, 2019
Saipem, in consortium with Boshelf LLC and STAR GULF FZCO, has recently been awarded three new contracts by BP for the development of the Azeri-Chirag-Gunashli oil and gas field offshore Azerbaijan.
October 01, 2019
Subsea 7 announced today the award of two contracts by BP Exploration for the Azeri Central East project in the Azeri-Chirag-Deepwater Gunashli field in the Caspian Sea, in a water depth of approximately 140 meters.
August 19, 2019
The 12-month contract, with option to extend, will support activity in the Absheron natural gas field, located in the Caspian Sea approximately 100 kilometers south of Baku.
July 22, 2019
Emerson has completed its $48-million contract for automation systems and cloud engineering software-as-a-service for the Shah Deniz 2 project in Azerbaijan and is fulfilling an ongoing five-year services contract.
April 19, 2019
Equinor and eight partners in the offshore Azeri Chirag Gunashli (ACG) oilfield in the Caspian Sea have made a $6 billion investment decision to build an additional platform in the license area.
April 16, 2019
Turan Drilling & Engineering Company LLC (A KCA Deutag and SOCAR AQS Company), has announced that it has been awarded its first contract, with BP Exploration (Caspian Sea) Limited (BP).
April 09, 2019
Weir Oil & Gas has announced the signing of a memorandum of understanding with Azerbaijan State Oil and Industry University (ASOIU), a non-profit public higher education institution founded in 1920.
Rising oil supplies and falling prices in second-half 2018 constrained global drilling, but activity should post a measured gain in 2019. Virtually all the global oil production increase is due to U.S. shale activity.
January 14, 2019
OPEC and its allies plan to hold a meeting in March to assess their oil-production accord in Azerbaijan, and then ministers will gather to set policy in April, according to the organization’s top official.
January 10, 2019
BP just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start.
November 07, 2018
Wood and Nobel Oil have entered into a joint venture (JV) agreement to provide engineering and operations support services to the oil and gas market in Azerbaijan.
August 12, 2018
Five Caspian Sea states reached a breakthrough agreement on sovereign rights to the sea, paving the way for new oil and gas extraction -- and pipelines -- after more than two decades of disputes.