Plans to sanction Iran for their ongoing pursuit of expanding their nuclear program, won't include the gas venture of BP (NYSE:BP) with Azerbaijan.
Why it's even an issue is the Iranian government has a stake in the project.
The unnamed source said the Shah Deniz gas field in Azerbaijan won't be sanctioned. An official announcement will reportedly be made on October 26.
Technology from Europe used in the project won't be allowed to be exported to Iran, according to the source.
The project is part of Europe's initiative to move away from too much reliance on natural gas supply from Russia.
Other industries being sanctioned in Iran besides energy are shipping firms and banks.
Showing posts with label Shah Deniz. Show all posts
Showing posts with label Shah Deniz. Show all posts
Friday, October 22, 2010
Thursday, October 21, 2010
BP (NYSE:BP) Group Leads Production Increase in Azerbaijan
Oil and condensate production in Azerbaijan increased by 1.9 percent from January to September, over the same period the year before, based on a group led by BP (NYSE:BP).
Production in that period increased to 38.5 million tons.
Oilfields Azeri, Guneshli and Chirag were where the oil production boost came from, while the Shah Deniz gasfield was where condensate production rose. Condensate production grew to 32.2 million tons in the time period, up from 31.4 million tons in 2009.
Oil production in 2009 came in at 50.38 million tons, an increase of 13.5 percent. In 2010 the goal is to produce 52 million tons of oil in the country.
Production in that period increased to 38.5 million tons.
Oilfields Azeri, Guneshli and Chirag were where the oil production boost came from, while the Shah Deniz gasfield was where condensate production rose. Condensate production grew to 32.2 million tons in the time period, up from 31.4 million tons in 2009.
Oil production in 2009 came in at 50.38 million tons, an increase of 13.5 percent. In 2010 the goal is to produce 52 million tons of oil in the country.
Thursday, October 7, 2010
BP (NYSE:BP) Close to Signing Azerbaijan Gas Exploration Deal
BP PLC (NYSE:BP) is reportedly close to signing a deal with Socar, the Azerbaijan state oil company, to explore and develop Shafag-Asiman, a natural-gas field located in the Caspian Sea.
Estimated gas reserves in the field are about 17 trillion cubic feet, said Socar. If the estimates are correct, that would be close to the size of the huge Shah Deniz gas field, which is operated by BP.
The terms of the deal are a 50-50 sharing of production revenue.
BP has a large presence in the Caspian sea, including the Azeri-Chirag-Gunashli oilfield, along with the Baku-Tbilisi-Ceyhan pipeline, which transports Azeri oil to the Mediterranean coast of Turkey.
Even though BP has a tattered reputation in the U.S., it continues to be able to make huge deals outside the country, giving confidence for investors who have stuck with the company, and will benefit as the share price of BP gradually goes up.
Estimated gas reserves in the field are about 17 trillion cubic feet, said Socar. If the estimates are correct, that would be close to the size of the huge Shah Deniz gas field, which is operated by BP.
The terms of the deal are a 50-50 sharing of production revenue.
BP has a large presence in the Caspian sea, including the Azeri-Chirag-Gunashli oilfield, along with the Baku-Tbilisi-Ceyhan pipeline, which transports Azeri oil to the Mediterranean coast of Turkey.
Even though BP has a tattered reputation in the U.S., it continues to be able to make huge deals outside the country, giving confidence for investors who have stuck with the company, and will benefit as the share price of BP gradually goes up.
Tuesday, September 7, 2010
BP's (NYSE:BP) Azerbaijan Assets Draw Interest of Gazprom (MM:GAZP)
The huge Russian gas giant Gazprom (MM:GAZP), said would be interested in the Azerbaijan assets of BP's (NYSE:BP) if they come up for sale.
That was the response of Gazprom's CEO Alexei Miller when asked if he would be interested in the assets by a reporter.
Miller responded, "We will be ready to consider it if there is such an offer."
Particularly noted by Miller was the Shah Deniz project in the Caspian Sea, where BP holds a 25.5 percent stake. Other Azerbaijan assets include the the Azeri-Chirag-Guneshli oil project, where BP has a 34.1 percent stake, and the Baku-Tbilisi-Ceyhan pipeline company which exports oil to Turkey.
If the assets are put up for sale, there is no doubt BP could sell them to Gazprom, as they've said a number of times in the past they want to acquire all the available gas in Azerbaijan.
That was the response of Gazprom's CEO Alexei Miller when asked if he would be interested in the assets by a reporter.
Miller responded, "We will be ready to consider it if there is such an offer."
Particularly noted by Miller was the Shah Deniz project in the Caspian Sea, where BP holds a 25.5 percent stake. Other Azerbaijan assets include the the Azeri-Chirag-Guneshli oil project, where BP has a 34.1 percent stake, and the Baku-Tbilisi-Ceyhan pipeline company which exports oil to Turkey.
If the assets are put up for sale, there is no doubt BP could sell them to Gazprom, as they've said a number of times in the past they want to acquire all the available gas in Azerbaijan.
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