BP Finds Major Gas Field

Friday, November 16, 2007
According to a Bloomberg report, BP Plc discovered a gas deposit in the Caspian Sea that may double production from the largest natural gas development in Azerbaijan. BP shares rose 2.8 percent, the most in a month, in London trading after the company announcement. With the latest discovery, the field may be able to pump enough gas to supply Belgium and Luxembourg together. BP and partners including StatoilHydro ASA plan to spend $4.2b on the site's first stage, which started pumping fuel to Turkey in July, easing Europe's dependence on supplies from Russia's OAO Gazprom. The announcement is the second ``major'' discovery within a week after Petroleo Brasileiro SA said an offshore field could be Brazil's biggest ever oil find. The pipeline across the Caucasus mountains allows Azerbaijan to sell gas to Europe without passing through Russia. A BP-led oil pipeline already follows the same route to Turkey and ends up at a Mediterranean oil terminal in Ceyhan. The new discovery came from the SDX-04 appraisal well at the field, BP said today in a statement. The gas condensate deposit is situated below the currently developed natural gas reservoir. Gas condensate is a mixture of hydrocarbon liquids, similar to gasoline. The Shah Deniz partners started pumping gas in December and are now supplying the fuel to Azerbaijan, Georgia and Turkey. Some customers in Europe have been looking for supplies from the field to ease dependence on OAO Gazprom, Russia's state-owned gas export monopoly. BP and StatoilHydro each own 25.5 percent of the Shah Deniz production-sharing agreement. The State Oil Co. of Azerbaijan, Russia's OAO Lukoil, Iran's NICO and Paris-based Total SA each own 10 percent. Turkish Petroleum Overseas Co. owns 9 percent. [Source: Bloomberg]
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Seaspan Shipyard's Prompt Response to Canadian Coast Guard

Seaspan Shipyard’s long-standing relationship with the Canadian Coast Guard was proudly showcased in recent days, with simultaneous repair and maintenance work

Energy Storage System Ordered for LNG Battery Hybrid Ferry

Norwegian hybrid to be the first LNG battery ferry to operate on commercial routes Corvus Energy, Siemens AS and Fjord1 have announced the award of the contract for the Fannefjord LNG hybrid ferry.

N-KOM Recognized for Shipyard Safety, Security

Nakilat-Keppel Offshore & Marine (N-KOM) received the Safety & Security Award at the inaugural edition of The Maritime Standard (TMS) Middle East & Indian Subcontinent Awards,

Offshore

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1147 sec (9 req/sec)