JUNE 17 2015 (The Conway Bulletin) – Azerbaijan exported 4.1% more gas in the first five months of the year compared to the same period last year, media quoted the country’s statistics agency as saying. Azerbaijan wants to expand gas exports.
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(News report from Issue No. 236, published on June 18 2015)
JUNE 17 2015 (The Conway Bulletin) – India will reject a 25% stake in the Abai oil field in the Kazakh sector of the Caspian Sea, Indian sources told the Economic Times newspaper. Kazakhstan had offered India the stake in the untapped field after it chose China over India as a shareholder in the Kashagan oil field in 2013.
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(News report from Issue No. 236, published on June 18 2015)
JUNE 5 2015 (The Conway Bulletin) – The European Bank for Reconstruction and Development (EBRD) said lending to projects in Kazakhstan would hit a record $1b this year as the country diversifies away from oil, gas and other extractive minerals.
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(News report from Issue No. 235, published on June 11 2015)
JUNE 5 2015 (The Conway Bulletin) – Russia’s Lukoil will knock 10% off the price of assets in Kazakhstan it plans to sell to China’s Sinopec to ease the deal through, media reported quoting industry sources. The discount shows how oil and gas assets in Kazakhstan have lost value since oil prices fell sharply.
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(News report from Issue No. 235, published on June 11 2015)
JUNE 8 2015 (The Conway Bulletin) – SOCAR, Azerbaijan’s state oil and gas company, said it wanted to invest $1.2b upgrading its oil refinery in Baku. Officials in Azerbaijan have been saying for several months that they want to increase their capacity for producing high-grade oil-products.
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(News report from Issue No. 235, published on June 11 2015)
JUNE 10 2015 (The Conway Bulletin) – Kashagan, Kazakhstan’s trouble- some Caspian Sea oil field, will start pumping oil by mid-2016 and hit an output of 370,000 barrels per day by the end of 2017, media reported quoting an interview with Stephane de Mahieu, managing- director of the consortium developing the field.
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(News report from Issue No. 235, published on June 11 2015)
JUNE 5 2015 (The Conway Bulletin) – Azerbaijan’s oil shipments via the Baku-Novorossiisk pipeline increased 40% in the first five months of the year compared to the same period in 2014, media reported quoting the state energy company. The increased oil flow through Russia is scheduled.
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(News report from Issue No. 235, published on June 11 2015)
JUNE 3 2015 (The Conway Bulletin) – Azerbaijan is looking for foreign partners to invest in the $16.5b oil, gas and petrochemicals processing plant it plans to build near Baku, a senior executive at the plant told Reuters. Azerbaijan has delayed completing the plant because of a lack of funds.
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(News report from Issue No. 234, published on June 4 2015)
JUNE 3 2015 (The Conway Bulletin) – Kazakhstan plans to produce the higher grade AI-92 and AI-95 petrol at a refinery in the north of the country, media reported quoting the Kazakh Development Bank. Kazakhstan has a shortage of refined oil products.
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(News report from Issue No. 234, published on June 4 2015)
JUNE 1 2015 (The Conway Bulletin) – Seemingly undeterred by the fall in global oil prices over the past 12 months, Kazakhstan announced a new project to explore the Caspian Sea for more oil and gas deposits that it may be able to tap into.
Vladimir Shkolnik, Kazakhstan’s energy minister was talking to the Kazakh parliament when he made the announcement.
“Based on studies by international experts, the Caspian Depression is estimated to hold giant hydrocarbon reserves of some 60 billion tonnes of oil. This is why we are starting to implement the Eurasia project with the use of innovative geological technologies,” he said.
“Five of the world’s leading oil and gas companies have displayed interest in this project and we are now forming a consortium.”
If, though, Mr Shkolnik was high on grand gestures, he was weaker on the detail.
Mr Shkolnik may have said that five international companies were looking at joining the Kazakh government in a consortium, but he didn’t say which ones. Currently, with oil prices hovering per barrel, down from around $100 in the summer, exploring the Caspian Sea may not be an enticing prospect.
And there is also the small matter of Kashagan too. Kazakhstan and its partners have poured billions of dollars into this Caspian Sea oil field and yet it is still to produce significant quantities of oil.
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(News report from Issue No. 234, published on June 4 2015)