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.
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.
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.
July 02, 2018
BP and its partners in the Shah Deniz consortium today announced the start-up of the landmark Shah Deniz 2 gas development in Azerbaijan, including its first commercial gas delivery to Turkey.
May 30, 2018
Statoil Azerbaijan (part of the Equinor group) and Azerbaijan’s state oil company SOCAR have signed a Risk Service Agreement (RSA) related to the appraisal and development of Karabagh oilfield and a Production Sharing Agreement (PSA) for the Ashrafi, Dan Ulduzu, Aypara area.
April 26, 2018
SOCAR and BP today signed a new production sharing agreement (PSA) for the joint exploration and development of Block D230 in the North Absheron basin, in the Azerbaijan sector of the Caspian Sea.
February 16, 2018
Total E&P Absheron B.V. (Total), acting as operator for and on behalf of a consortium presently composed of Total E&P Absheron B.V. (50%) and Socar Absheron LLC (50%) has tasked HydraWell to execute a part of plug & abandonment campaign at Absheron field, in the Caspian Sea.
Hurricane force winds led to a multi-well fire on a 30-well production platform. In spite of continuing adverse conditions, well control specialists were able to safely extinguish the blaze in 64 days, 25 of which were non-productive due to the weather.