Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Equinor embarks on new era in Azerbaijan
by Daniel J. Graeber
Washington (UPI) May 30, 2018

A series of agreements to work alongside the state oil company in Azerbaijan in the Caspian Sea marks a new era of cooperation, Norway's Equinor said Wednesday.

Equinor, formerly Statoil, signed agreements with State Oil Company of Azerbaijan Republic on production and development of a series of fields in the Caspian Sea. Of note is the Karabagh field, which is close to the lucrative Azeri-Chirag-Gunashli complex, among the biggest in the world.

"The agreements signed today represent a natural next step in the region," Equinor President and CEO Eldar Sætre said in a statement. "This will strengthen our position in a prolific basin and develop growth options."

Since the initial production sharing contract was signed in 1994, the ACG has produced more than 3 billion barrels of oil and delivered more than $125 billion in net profits to Azerbaijan. Equinor is a minority partner in the field led by British supermajor BP.

More than 500 billion cubic feet of natural gas per year, meanwhile, is slated for exports from Shah Deniz offshore Azerbaijan to the European market through the broader network of 2,100 miles of pipelines in the Southern Corridor within the next few years.

"These agreements will take on significance, contributing to the stability of oil production and satisfying the growing demand for natural gas in Azerbaijan, while providing raw materials for the processing industry," SOCAR President Rovnag Abdullayev said.

Equinor's Azeri subsidiary will form a 50-50 joint operating company with SOCAR to develop the fields. The Norwegian company said a final investment decision will be made after appraisal and engineering work is completed in the Caspian Sea.

Production from countries outside of the Organization of Petroleum Exporting Countries is on pace to add another 1.72 million barrels of oil per day to the market this year, though Azeri production is on the decline. OPEC economists said Azeri crude oil production in March declined slightly to 720,000 barrels per day.

A final investment decision on field developments will be taken following appraisal and engineering work.


Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


OIL AND GAS
Oil prices mixed on trade strains and production gains
Washington (UPI) May 29, 2018
Major crude oil benchmarks were spread by as much as 2 percent in early Tuesday trading as trade uncertainty balanced an expected increase in production. Russian Energy Minister Alexander Novak said last week that parties to an effort steered by the Organization of Petroleum Exporting Countries may pull back from over-compliance in the second half of the year. Participating players, of which Russia is the largest non-OPEC member, are doing more than they need to under the terms of an agreement ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
'Deforestation-free' palm oil not as simple as it sounds

Advanced biofuels can be produced extremely efficiently, confirms industrial demonstration

Technique doubles conversion of CO2 to plastic component

Scientists have deciphered the chemical reaction mechanism critical for cleaner combustion

OIL AND GAS
Black Bear Energy And Usaa Real Estate Announce 2.4 Megawatt New Jersey Solar Project

LBA Realty's Battery Storage and LED Projects expected to deliver $1.9 million in Energy Savings

Has California put the proper mechanisms in place to succeed with solar mandate?

Conti Solar Begins Construction of Largest Landfill Solar Project in Ohio

OIL AND GAS
U.S. Atlantic states eye offshore wind leadership

European wind energy generation potential in a warmer world

New York to world's largest offshore wildlife aerial survey

German utility E.ON sees renewable sector growth

OIL AND GAS
France: Framatome to supply EDF with Enriched Reprocessed Uranium fuel assemblies

GE Hitachi Announces Dominion Energy as Investor in BWRX-300 Small Modular Reactor

Global Nuclear Fuel awarded $250M contract with Entergy

Framatome and Rusatom Automated Control Systems Sign MoU

OIL AND GAS
Dutch govt appeals landmark greenhouse gases ruling

Dusty rainfall records reveal new understanding of Earth's long-term climate

Climate change in Quebec equals a much greater diversity of species?

Schwarzenegger urges Trump to 'join us' on climate action

OIL AND GAS
Britain's supply of electric cars at risk from Brexit: think-tank

Hamburg is first German city to order diesel bans

Berlin wants answers from Daimler over 'pollution cheating'

Self-driving Uber saw woman 6 seconds before fatal crash: probe

OIL AND GAS
Iraq orders probe after voting machines fail hacking test

Five dead in Baghdad cafe suicide bombing claimed by IS

Saudi urged not to turn Iraq into 'cold war' front with Iran

Nearly a year since fall of Iraq's Mosul, hunt for bodies goes on

OIL AND GAS
UN chief calls for 'total elimination' of nuclear weapons

Trump and Kim raise summit hopes after days of brinkmanship

Iran sanctions shadow falls on smaller German banks

Iran's first female manufacturer, a victim of Trump









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.