Offshore Project To Get Green Light

Wednesday, June 06, 2001
The BP-led Azerbaijan International Operating Company (AIOC) expects 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 said the next phase aims to boost production to 350,000 bpd 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. AIOC unites BP, Unocal, Azeri state oil company SOCAR, Russia's LUKOIL, Statoil, Exxon Mobil, TPAO of Turkey, Devon Energy, Itochu and Delta Hess. - (Reuters)

Maritime Today


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

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

Offshore

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Det Norske to Restore Production at Alvheim after Leak

Norwegian oil firm Det norske said it expected to reach full production at its Alvheim FPSO (floating storage, offloading and producing unit) overnight after a leak,

Finance

U.S. Awards $61.8 Mln for Port Projects

U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the  FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.

Moody's: Challenges Ahead for Asian Port Operators

Moody's Investors Service says lackluster global growth, weak commodity prices, high capital expenditure commitments and a liner industry struggling with overcapacity

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage 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: 0.0774 sec (13 req/sec)