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 August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Fugro Achieves Innovation through Integration

When Aberdeen-based Diamond Offshore wanted to add new functionality to the existing helideck monitoring system on the Ocean Guardian drilling rig in the North Sea,

Refurbished Seajacks Vessels Leave Shipdock Amsterdam

Seajacks Leviathan and Seajacks Kraken are prepared for their coming assignments, following a series of repair and renewal jobs by Shipdock Amsterdam. The shipyard,

BAE Systems Awarded Two Navy Contract Modifications

The US Department of Defense informs it has awarded separate contracts to BAE Systems in Jacksonville and in Norfolk for ship repairs and modifications as follows: 1.

Offshore

MNZ Opens New Office in Port Taranaki

Maritime New Zealand (MNZ) informs that for the first time in 5 years it has a permanent presence in New Plymouth on the opening of a new office at Port Taranaki

Fugro Achieves Innovation through Integration

When Aberdeen-based Diamond Offshore wanted to add new functionality to the existing helideck monitoring system on the Ocean Guardian drilling rig in the North Sea,

BMT ARGOSS Awarded OHSAS 18001

BMT ARGOSS, an operating company of BMT Group Ltd. has been awarded the universally recognized standard for occupational health and safety, BS OHSAS 18001. BMT ARGOSS,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Electronics 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: 0.1005 sec (10 req/sec)