The consortium for the development of the Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea has signed a contract with the consortium consisting of BOS Shelf LLC, Saipem Contracting Netherlands B.V.
The Compound Development Permit - Phase 1 for the Trans Adriatic Pipeline (TAP) project is approved by the Albanian National Territorial Council (KKT), chaired by Prime Minister, Edi Rama, TAP reported on April 8, Trend has said.
BP announced on April 3 the appointment of Joe Murphy as Vice President Southern Corridor for Azerbaijan-Georgia-Turkey (AGT) Region, according to a message from the company, Trend has reported.
The Shah Deniz and South Caucasus Pipeline consortium continue awarding key contracts for the development of the Shah Deniz Stage 2 and South Caucasus Pipeline Expansion (SCPX) projects, Azernews reported on March 19.
Azerbaijan's state energy company SOCAR conducts active work on the development of advanced welding technologies, which are the important component of the oil and gas sector, Azernews reported on March 19.
The State Oil Fund of Azerbaijan is going to invest $2-2.5 billion into the company to be established to manage the gas projects Shah Deniz 2, TANAP and TAP, the Fund's executive director, Shakhmar Movsumov, has told the Azerbaijan Investment Summit in Baku.
France's Total plans to sell its 10 percent stake in Azerbaijan's Shah Deniz II gas field, sources with knowledge of the matter said, the second major to cut exposure to a project aimed to provide an alternative to Russian gas in Europe, Reuters reported on February 28.
Lukoil Overseas has signed an agreement to draw the second $200mn tranche of a loan from the EBRD for developing the gas condensate field Shah Deniz in Azerbaijan. The $380mn loan was attracted for five years at LIBOR plus 1.5%.
Azerbaijan is planning to increase its oil production in 2014, Energy Minister Natig Aliyev said, Azernews reported on February 22. He added that Azerbaijan is predicted to extract 43 million tons of oil in 2014.
BP will increase investment in its oil and gas projects in Azerbaijan by almost 50% to $8.74 billion this year, BP’s Azerbaijani subsidiary which operates the projects has said.