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

Offshore

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Rosneft says Exxon Still Continues to Work With it in Arctic

Russia's biggest oil producer Rosneft said on Saturday that Exxon Mobil was still continuing exploration drilling at their joint project in the Arctic Kara Sea.

EMGS - New Contract in the Norwegian Sea

Electromagnetic Geoservices ASA (EMGS) announced an agreement from Statoil Petroleum AS for the Norwegian Sea. EMGS has now received a new contract from another oil and gas company worth USD 1.

Finance

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies.

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

 
 
Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1355 sec (7 req/sec)