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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Interview: 50 Years in the Polymer Repair Market

With 50 years dedicated to polymer coating and composite manufacturer Belzona, Geoff Binks looks back on his experience in the industry and maintenance sector.   Geoff

EU Shipowners Want Progress at Alang Shipbreaking to Be Rewarded

Ship recycling practices in Alang, India, are gradually improving. The European Commission should acknowledge this positive development under the EU Ship Recycling Regulation.

Great Lakes Shipyard Performs USCG Drydocking

On April 25, Great Lakes Shipyard hauled out the U.S. Coast Guard’s 125’ x 52’ Aids to Navigation Barge (12001). Using the Shipyard’s 770-ton Marine Travelift,

Offshore

BMT Delivers CFD Study for FPSO

BMT Fluid Mechanics (BMT), a subsidiary of BMT Group Ltd., completed a Computational Fluid Dynamics (CFD) study for an oil major operating offshore Nigeria. BMT

BSEE, USCG on Sharing Information, Jt Ops

Bureau of Safety and Environmental Enforcement (BSEE) Director Brian Salerno and U.S. Coast Guard Rear Admiral Paul Thomas participated in a luncheon panel discussion

MOL Launches Coastal LNG Transport in Indonesia

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today teamed up with a local partner in Indonesia, PT Pelindo Energi Logistik (PEL; President

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.0823 sec (12 req/sec)