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 May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Avance VLGCs Fixed

Avance Gas said repairs of two very large gas carriers (VLGCs) are complete, allowing the delayed ships to get to work.   Both new build VLGCs recently dry-docked - Breeze (83,

Hyundai Heavy Delivers 2,000th Ship

Hyundai Heavy Industries (HHI) has become the world's first shipbuilder to deliver its 2,000th ship. The world's largest shipbuilding company delivered a drillship, "Ocean BlackLion," to U.

US Funding for Air Emissions/Alternative Energy Projects

The U.S. Maritime Administration (MARAD) announced that up to $1.3 million in Federal funding is now available through cooperative agreements for projects supporting

Offshore

Mobil Says Oil Discovery off Guyana is 'Significant'

Unlike almost all its neighbors, Guyana isn’t an oil producer yet. But the energy giant Exxon Mobil recently announced it had discovered “significant” oil off the coast.

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar Winch
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: 0.1120 sec (9 req/sec)