AIOC Awaits Go-Ahead on Caspian Oil Project

Wednesday, June 06, 2001
The BP-led Azerbaijan International Operating Company (AIOC) said on Wednesday it expected the Azeri government to give a green light in August for the next phase of its Caspian oil production project.

AIOC's president David Woodward told an oil and gas conference in the Azeri capital Baku the next phase aims to boost production to 350,000 barrels per day in 2005 from current levels of 100,000-130,000 bpd.

The project envisages bringing the Azeri field onstream in early 2005, adding to volumes from the Chirag field, which has been in production since 1997.

The cost of the expansion plans, called Phase One, is put at $3.3-3.4 billion, Woodward said. The next phase envisages the construction of a drilling platform for 48 wells, a gas compressing facility, an underwater pipeline from the Azeri field and modernization of an onshore oil terminal.

The new production levels would be reached just as a planned $2.8-2.9 billion pipeline from Baku across Georgia to Turkey's Mediterranean port of Ceyhan would be completed.

AIOC has already pumped more than 14 million tons of oil from Chirag since 1997, exporting oil through a pipeline to Supsa on Georgia's Black Sea coast.

The whole project is aimed at production at three offshore Caspian fields - Chirag, Azeri and deepwater of Guneshli.

AIOC, which unites BP; Unocal; Azeri state oil company SOCAR; Russia's LUKOIL; Statoil; Exxon Mobil; TPAO of Turkey; Devon Energy, Itochu; and Delta Hess, expects production from the offshore complex to reach 1.0-1.3 million bpd between 2008 and 2010.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Statoil Invests $1.5b in US Offshore Project

Statoil together with co-owners in the Stampede development in the Gulf of Mexicohas sanctioned the Stampede project in the U.S. Gulf of Mexico. Statoil said it will invest $1.

CMA CGM to Retrofit 10 More Bulbous Bows

The CMA CGM Group said it will retrofit 10 of its vessels’ bulbous bows to achieve improved energy efficiency for slow steaming. The modifications are in addition

AVEVA E3D Takes Center Stage

Customer case studies combine with advances in asset visualization and cloud technologies to showcase a new era in the creation and management of complex Digital Assets.

Offshore

Statoil Invests $1.5b in US Offshore Project

Statoil together with co-owners in the Stampede development in the Gulf of Mexicohas sanctioned the Stampede project in the U.S. Gulf of Mexico. Statoil said it will invest $1.

Experimental Floating Wind Farm Nears Installation

Launched in March 2012, the Fukushima experimental offshore floating wind farm project sponsored by the Ministry of Economy, Trade and Industry is nearing the installation

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction
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: 0.2955 sec (3 req/sec)