SOCAR Petrofac JV Wins BP Contract
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…
Azerbaijan Ratifies Oil Deal with BP-led Consortium
Azerbaijan's parliament on Tuesday ratified a new oil field development contract between the Caucasus nation and a BP-led consortium. BP and Azerbaijan agreed in September to extend to…
$500 Mln Loan Approved for TANAP Gas Pipeline Project
The board of the European Bank for Reconstruction and Development (EBRD) has approved a $500 million loan for the Trans-Anatolian Natural Gas Pipeline (TANAP), the largest part of a $40…
Parviz Shakhbazov Becomes New Azeri Energy Minister
Parviz Shakhbazov has been appointed as Azerbaijan's new energy minister, the press service of the Caucasus nation's president said in a statement on Thursday. Shakhbazov had worked as…
Greece, Partners Sign off Trans-Adriatic Pipeline to Widen Gas Supply
Five countries in south-east Europe formally signed off on the construction of a pipeline which will transport Caspian gas to European markets in an attempt to ease their reliance on Russia.
Shah Deniz Partners Award Subsea Installation Deal
The Shah Deniz consortium today announced the award of a $1.5 billion contract for the transport and installation of the deeper water subsea production systems for Shah Deniz Stage 2 to the BOS Shelf LLC…
Azeri State Oil Fund's Assets Dropped 9.5% in 2015
Azeri state oil fund SOFAZ's assets dropped by 9.5 percent year-on-year in 2015 to $33.57 billion, the fund said on Tuesday. SOFAZ holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue.
Azeri Protests Flag Political Risks of Falling Oil Price
Oil money and well-equipped security forces have long ensured public loyalty to President Ilham Aliyev in the Azeri town of Quba, but after months of rising prices people turned out on the streets last week to protest.
Statoil 2Q 2015 Earnings Slip
Statoil delivered Adjusted earnings of NOK 22.4 billion and adjusted earnings after tax of NOK 7.2 billion in the second quarter. Statoil reported Net income in accordance with IFRS of NOK 10.1 billion…
SOCAR: Statoil Exiting TAP Gas Project
Norway's Statoil is to sell its 20-percent stake in the Trans Adriatic Gas Pipeline (TAP) project that will carry gas from Azerbaijan to Europe, the president of Azeri state energy firm SOCAR said.
Azeri Shah Deniz Gas Project Awards Subsea Contracts
Norway's FMC Kongsberg Subsea AS and Britain's OneSubsea (UK) Ltd have won contracts for subsea infrastructure totalling $363 million for Azerbaijan's Shah Deniz gas field. A consortium…
Gazprom Power Unit sees Investments Rising on Weaker Rouble
Gazprom Energoholding, the utility unit of Russia's top natural gas producer Gazprom , expects long-term investments rising by up to 15 percent due to a weaker rouble, which inflated the prices of imports…
Azeri SOCAR Assumes Statoil's Pipeline Rights
Norway's Statoil handed over its commercial operating rights on the gas-carrying South Caucasus Pipeline project to Azeri state energy firm SOCAR on Friday after completing the sale of…
Statoil, Petronas, Close Shah Deniz Sale
On April 30, 2015, Statoil and the Malaysian oil and gas company PETRONAS completed their transaction, announced previously on October 13, 2014, involving the transfer of Statoil’s 15.5%…
Rosneft, Petrocas in Logistics & Retail JV
Rosneft has entered into definitive documentation to acquire 49% stake in Petrocas Energy International Limited (“Petrocas”), creating the joint venture (“JV”) for its activities in the South Caucasus region.
Rosneft, Petrocas Ink JV Deal
Russia's Rosneft has agreed to a joint venture with Petrocas in logistics and retail sales in the Caucasus. Rosneft, Russia's largest oil producer, also said in a statement it had agreed…
Statoil Exits Shah Deniz Gas Project
Asset sales to protect dividends; firms face rising costs, falling oil prices. Statoil will retain stakes in ACG oil field, TAP Pipeline. Statoil exited Azerbaijan's Shah Deniz gas project on Monday…
US Strikes Islamic State Artillery to Protect Kurds
U.S. warplanes struck Iraq on Friday for the first time since American troops pulled out in 2011, attacking Islamist fighters advancing towards the Kurdish region after President Barack…
Statoil's 2Q 2014 Results
Statoil's second quarter 2014 net operating income was NOK 32.0 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil…
Gas Prices Help Offset Statoil's Output Drop
Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil…
