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

People & Company News

Navy Autonomous Underwater Vehicle Delivery Milestone

Commander, Submarine Development Squadron 5 (CSDS 5), Detachment UUV, informs of the delivery of Large Training Vehicle 38 (LTV 38), an unmanned undersea vehicle (UUV),

Info-X Invests in $5m Headquarter Expansion

Transportation solutions provider capitalizes on outsourcing trend Info-X Software Technology, provider of software solutions and back-office support to U.S.

Daihatsu Joins ClassNK Research Project

Classification society ClassNK announced that it will embark on a joint research project together with Daihatsu Diesel Mfg. Co., Ltd. Through the partnership, ClassNK

Offshore

EOC Takes Full Ownership of OSVs

On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore,

OSV Power

The continued maturation of Offshore Service Vessel design is embodied in recent contracts and deliveries.  Ulstein Verft subsea newbuild Island Performer was

Lamprell First Half Results Beat Expectations

Lamprell today announced its financial results for the first half of 2014, reporting results ahead of expectations due to strong operational performance and early results from savings initiatives,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Ship Electronics Ship Simulators 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: 0.2065 sec (5 req/sec)