Azerbaijan’s oil production in January and February is down 6.3% on an annual basis
Parviz Shahbazov, the Energy Minister of Azerbaijan, said that the oil production in the first two months fell 6.3% compared to the previous year. According to the Minister, oil exports between January and February dropped from 3.9 millions tonnes to 3.7 in 2024. Azerbaijan’s oil production is on a downward trend since its peak in 2010.
Ministers and executives say that if sanctions are eased, Europe will avoid Russian energy.
Ministers and executives at a Houston conference said that European buyers will not return to Russia's Energy Sector if the sanctions are lifted. The bloc has diversified its power mix by using renewable energy and alternative suppliers of gas. According to a joint U.S. and Ukrainian statement released on Tuesday, Ukraine agreed to accept the U.S.
BP plans to add six new gaswells to the Azeri Caspian sea field in order for it continue production.
BP will add six new gas wells in Azerbaijan’s Shah Deniz field in the Caspian Sea in order to maintain stable production for the future, a senior manager from the international energy giant said. BP operates 21 gas-wells in Shah Deniz. This area is being developed by a BP led consortium, and is crucial to Azerbaijan’s commitment to increase gas exports to Europe…
Russia's proposed gas pipeline to Iran
The Russian President Vladimir Putin announced on Friday plans to build a pipeline to Iran that will eventually transport up to 55 billion cubic meters (bcms) of gas per year into the West Asian nation. Here are some background details about the cooperation between Iran, Russia and the gas sector. Iran is the second largest gas producer in the world after Russia. However, U.S.
The Serbian President says that Azerbaijani gas to Serbia has been suspended.
The gas flow from Azerbaijan into Serbia has been stopped and it's unclear when it will resume. This was the statement of Serbian President Aleksandar Vucic, according to news agency Tanjug. Vucic stated that it was unclear when gas flow would resume. Vucic added that the gas flow would be resumed in about a month.
Bulgaria claims Azerbaijan has stopped gas supply until January 11
Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 to 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas…
Bulgaria claims Azerbaijan has stopped gas supply until January 11
Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 until January 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas…
Year Ender: Big Oil retreats from renewables as climate agenda falters
In 2024, major European energy companies increased their focus on oil and natural gas to maximize profits in the short-term. They also slowed down and sometimes reversed climate commitments. This is a trend that will likely continue in 2025. Oil majors have retreated after governments worldwide slowed down the rollout…
SOCAR sources: Russia and Ukraine cannot agree on gas deal mediated by Azerbaijan
Azeri SOCAR, a leading energy company in Azerbaijan, said on Friday that Moscow and Kyiv failed to reach an agreement on the deal brokered by Azerbaijan for Russian gas to be exported to Europe via Ukraine. Azerbaijan was asked by the European Union and Ukraine to facilitate talks with Russia regarding a gas-transit deal due to expire this year.
Equinor sells assets worth up to $2 billion in Nigeria and Azerbaijan
Equinor announced on Monday that it had completed the sale of its assets located in Nigeria and Azerbaijan, for up to a $2 billion total. This marked the end of the Norwegian oil company's presence in the two countries, which lasted more than 30 years. The group stated that the divestments announced in 2023, and completed recently, would boost cash flow for the fourth quarter.
Azerbaijan: OPEC+ may consider a rollover of oil cuts at the Dec. 1 meeting
Parviz Shahbazov, Azerbaijan’s Energy minister, said that OPEC+ could decide to keep its current oil production cuts in place as of Jan. 1, at their next meeting on Sunday. The group has already delayed increases due to demand concerns. Shahbazov told Baku that the issue of continued oil production cuts could be raised at the meeting.
Azerbaijan: OPEC+ may consider oil reduction rollover at the Dec. 1 meeting
Parviz Shahbazov, Azerbaijan’s Energy minister, said that OPEC+ could decide to keep its current oil production cuts in place as of Jan. 1, at their next meeting on Sunday. The group has already delayed increases due to demand concerns. Azerbaijan belongs to the OPEC+ Group, which also includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia.
COP29 hosts urges collaboration as final negotiations of the deal enter stage
Azerbaijan, the host of COP29's climate summit, urged participants to come up with a financial deal by Friday as negotiations for the two-week long conference reached their final hours. The world governments present at the Baku meeting, in the Caspian Sea City, are required to agree on a comprehensive plan whereby rich…
The new COP29 proposal reveals a wide gap in climate financing
The United Nations Climate body published new options on Thursday for the COP29 Summit's primary objective of agreeing to how much money richer nations should provide poorer countries to help them combat climate change. The talks in Baku, Azerbaijan, have been slow to reach a consensus on money. The latest draft of the negotiation text was delivered several hours after the scheduled time…
World Bank: Bosnia must invest $6.8 billion to combat climate change impacts
Bosnia and Herzegovina faces risks of flooding, wildfires, and severe air pollution. A World Bank report released on Wednesday said that the country needs to invest 6,8 billion dollars over the next 10 years to offset the effects of climate change. The report stated that climate-related damages, including floods, could shrink Bosnia’s economy by as much as 14% by the year 2050.
Azerbaijan, summit host, warns that COP29 will not succeed without G20 support
Azerbaijan, the host of the COP29 Climate Summit, said that leaders from the world's largest economies should send a strong message about the urgency to combat global warming. The appeal came at a meeting of the Group of 20 leaders (G20) in Brazil, where climate was just one of many topics on their agenda. Others included war in Ukraine and Donald Trump's victory in the election.
Edison CEO: US utilities want Trump and Republicans to save the inflation act
Pedro Pizarro said that the U.S. Utility Industry wants the incoming Trump Administration and the Republican-led Congress in Congress to maintain clean energy and EV Tax Credits in the Inflation Reduction Act. The 2022 IRA is a law that contains hundreds of billions in subsidies for clean power and was signed by outgoing president Joe Biden to combat climate changes.
Cyprus says that Europe has set the bar too high for climate change.
The president of Cyprus stated on Friday that Europe has set too high a bar for its climate goals, without paying enough attention to economic competitiveness. This is adding fuel to the growing debate about the pace of reforms. The European Union has strict rules that aim to reduce net greenhouse gas emission in the bloc 90% by 2040 and achieve zero net emissions by 2020.
TotalEnergies and BP, Equinor, and Shell each commit $500 mln for energy access
TotalEnergies BP Shell Equinor, oil and gas giants BP and Equinor, pledged to invest $500m on Friday in order to increase the availability of affordable energy, primarily for sub-Saharan Africa and south and southeast Asia. The announcement was made at the United Nations COP29 Climate Summit in Azerbaijan where discussions…
UN: Companies and countries are lagging behind in tackling methane emissions
Since the U.N. began monitoring oil and gas infrastructure for leaks of methane last year, 1,200 alerts have been sent to government and company officials. Only 12 out of the 2,000 alerts for large plumes, or 1%, were followed up with "substantive" action to stop the leaks. This was according to the report released by the U.N. International Methane Emissions Observatory.
