Azerbaijan
News
September 23, 2024
The commercial agreements amend the existing ACG production sharing agreement (PSA) framework, enabling the parties to progress the exploration, appraisal, development and production from the gas reservoirs of the ACG field. ACG non-associated gas resources are believed to be significant, with up to 4 Tcf (ca. 112 Bcm) in place.
News
September 09, 2024
The first MoU focused on the expansion of Eni and SOCAR’s cooperation on oil and gas exploration and production, with the aim of strengthening the energy security of Europe, and Italy in particular. A second MoU envisages the cooperation of Eni and SOCAR to reduce greenhouse gas emissions and improve energy efficiency in the upstream sector.
News
July 31, 2024
Eni CEO Claudio Descalzi and SOCAR (State Oil Company of Azerbaijan Republic) CEO Rovshan Najaf signed a Memorandum of Undestanding (MoU) in Baku to evaluate potential cooperation opportunities in the areas of oil and gas exploration and production, energy security and efficiency, GHG emissions reduction, gas transportation infrastructures and sustainability.
News
July 14, 2024
Saipem will operate the vessel and will provide the crew to perform the marine activities for the Shah Deniz and Azeri-Chirag-Gunashli fields, located offshore Azerbaijan. The consortium’s responsibilities include engineering, procurement, construction and installation of subsea infrastructures and life-of-field services.
News
June 07, 2024
Azerbaijan, which has the presidency of the 29th United Nations’ Conference of the Parties, exported almost 24 Bcm of natural gas in 2023 with half of the volumes going to Europe, according to Energy Ministry data.
News
April 26, 2024
Azerbaijan, host of this year’s COP29 climate summit, will continue to invest in increasing natural gas production in order to feed demand from Europe as its president said that its abundant oil and gas resources were a “gift from God.”
News
April 16, 2024
The ACE platform is the seventh oil-production platform installed on the giant ACG field in the Caspian Sea. ACG first began production in 1997 and has since produced over 4.3 Bbbl of oil. The bp-operated Shah Deniz gas field has two further platforms in the Caspian.
News
January 14, 2024
One of the birth places of the oil industry, Azerbaijan was chosen to host COP29 this year. The Caspian Sea nation is the third oil and gas exporter in a row to host the talks after the United Arab Emirates last year and Egypt in 2022.
News
December 31, 2023
Tensions have risen between Baku and Paris after Azerbaijani President Ilham Aliyev warned France against supplying weapons to neighboring Armenia.
News
December 05, 2023
The ACE platform and facilities are designed to process up to 100,000 bopd. The project is expected to produce up to 300 MMbbl over its lifetime.
News
December 05, 2023
ADNOC and SOCAR will explore opportunities to work together to advance blue hydrogen, carbon management and geothermal technologies that can accelerate the decarbonization of energy systems in the UAE, Azerbaijan and other key markets and support their net zero ambitions.
News
September 01, 2023
Together, they discussed TotalEnergies' projects in Azerbaijan, notably the launch of the second phase of the Absheron development, which will increase the field's production to 5.5 Bcm per year, in line with Azerbaijan's ambition to supply the European market.
News
August 21, 2023
The Norwegian energy company is working with Jefferies Financial Group Inc. to gauge buyer interest in the assets, which includes a 7.27% interest in the large Azeri-Chirag-Gunashli oil field, people familiar with the matter said.
News
August 04, 2023
The partnership will enable ADNOC to build a major footprint in a region with prolific natural resources and significant growth potential, facilitating a route into attractive international growth markets for gas in Europe and Central Asia.
News
July 10, 2023
This first phase connects a subsea production well to a new gas processing platform, itself linked to SOCAR’s existing facilities in Oil Rocks. It has a production capacity of 4 MMcmgd and 12,000 bpd of condensate. The gas will be sold on the domestic market in Azerbaijan.
News
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.
News
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.
News
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.
News
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.
News
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.
News
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.
