Tag Archives: oil

Tengiz will create 20,000 jobs, says Kazakh ministry

JAN. 30 2017 (The Conway Bulletin) — The $36.8b expansion of the Tengiz oil field announced last year will create 20,000 jobs, Kazakhstan’s labour ministry said in a statement. Labour minister Birzhan Nurymbetov said that 18,000 of those jobs would be given to Kazakhs. This job creation is vital in Kazakhstan which has seen mass job cuts over the past couple of years because of the tight economic conditions.

ENDS

(News report from Issue No. 315, published on Feb. 3 2017)

Kazakhstan-focused Nostrum hits 2016 targets

JAN. 31 2017 (The Conway Bulletin) — In its full year results, Nostrum Oil & Gas, which focuses on Kazakhstan said that it had just beaten its expected output with an average daily output of 40,351/barrels of oil equivalent (boe) compared to an anticipated 40,000 boe. It said that the final quarter of the year had been the best with 44,708 boe.

ENDS

(News report from Issue No. 315, published on Feb. 3 2017)

CPC says to expand in Kazakhstan

JAN. 31 2017 (The Conway Bulletin) — The Caspian Pipeline Consortium plans to invest $150m in 2017 in expanding the capacity of the pipeline that pumps oil from western Kazakhstan around the northern tip of the Caspian Sea to Russia’s Black Sea port of Novorossiysk, its general director Nikolay Gorban told media. The expansion plan will boost the pipeline’s capacity to 67m tonnes per year, up from 52m tonnes. This is important because CPC is a key export route for Kazakhstan and especially for its important Tengiz field.

ENDS

(News report from Issue No. 315, published on Feb. 3 2017)

Fluor wins Kazakh oil field contract

JAN. 24 2017 (The Conway Bulletin) — The Britain-based subsidiary of the US’ Fluor said that it had won a two-year engineering services deal with the North Caspian Operating Company (NCOC), the consortium of companies exploiting the giant Kashagan oil field in the Kazakh sector of the Caspian Sea. No value was put on the contract but it will be a boost to Fluor which has developed a strong regional strand of work.

ENDS

(News report from Issue No. 314, published on Jan. 27 2017)

Malaysia to invest in Kazakh oil fields

JAN. 20 2017 (The Conway Bulletin) — Nakamichi Corporation Berhad, a Malaysian independent oil company, signed a deal with Aktau Transit to invest $146m in two oil fields in west Kazakhstan. The deal commits the two companies to explore the oil fields.

ENDS

(News report from Issue No. 314, published on Jan. 27 2017)f

Kazakhstan discovers new oil field

JAN. 24 2017 (The Conway Bulletin) — Kazakhstan’s energy ministry said that it had found a new oil and gas field in the west of the country. The field, known as Ansagan, is located Zhylyoi region near Atyrau. Officials didn’t give any indication of the scale of the find but said instead that exploration was continuing. Kazakhstan’s economy is reliant on oil and gas.

ENDS

(News report from Issue No. 314, published on Jan. 27 2017)f

Eriell buys Uzbek subsidiary

JAN. 14 2017 (The Conway Bulletin) — Eriell GmbH, an Austria-registered company whose biggest shareholder is Gazprombank, has bought a 51% stake in Sarbon-Neftegaz from the state-owned Uzbekenergo, the Tashkent stock exchange reported. The Italian-language agcnews.eu website said that Eriell had paid $3.94m for the stake. Sarbon-Neftegaz provides transport services to oil and gas companies in Uzbekistan.

ENDS

(News report from Issue No. 313, published on Jan. 20 2017)

Georgia-based Zenith lists on LSE, raises $.2.77m

TBILISI, JAN. 11 2017 (The Conway Bulletin) — Calgary-based Zenith Energy completed a share listing on the London Stock Exchange, raising £2.3m ($2.77m) to fund the debt repayment and exploration costs at its oil and gas fields in Azerbaijan, Italy and Argentina.

Zenith Energy signed a production sharing agreement with Azerbaijan’s state-owned Socar in March 2016 to jointly develop the Muradkhanli, Jafarli and Zardab oil producing sites, 240km inland from Baku. They are the biggest onshore oil fields in Azerbaijan and had produced up to 9,000 barrels of oil a day at their peak during the Soviet Union. They now produce around 300 barrels a day.

At the time of the deal Zenith’s CEO, Andrea Cattaneo, said that new techniques and infrastructure investment could reboot the fields and boost production.

Now Zenith has raised more cash to help pay for this exploration.

Commenting on the listing on the London Stock Exchange, Mr Cattaneo said: “We believe that the Company’s listing on the Official List will provide a supportive platform to help us achieve our ambitious growth objectives.”

Zenith Aran Oil Company was the Virgin Islands-registered company set up Zenith Energy to push the Azerbaijani projects forward.

Zenith’s shares in London started trading at 7p but moved to over 10p.

ENDS

(News report from Issue No. 312, published on Jan. 13 2017)

Turkmenistan looks to boost oil output

JAN. 6 2017 (The Conway Bulletin) — Turkmenistan wants to attract foreign investors to help develop its North Goturdepe oil field in the Caspian Sea, media reported. The field was discovered in 2010 and has been developed by Turkmenistan. It currently produces around 68,000 barrels/day. It wants to double production.

ENDS

(News report from Issue No. 312, published on Jan. 13 2017)

Azerbaijan extends BP deal

DEC. 23 2016 (The Conway Bulletin) — Azerbaijan has extended a deal made with a BP-led consortium dubbed the ‘Contract of the Century’ to develop its biggest Caspian Sea oil fields. The extension, although expected, had been delayed by arguments between the partners and a row with the Azerbaijani government over a drop in output at the Azeri-Chirag-Guneshly fields (ACG). ACG is the lynchpin of Azerbaijan’s economy. The BP-led consortium will now develop the fields until 2050. The original deal had been due to expire in 2014.

ENDS

(News report from Issue No. 311, published on Jan. 6 2017)