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Tag Archives: Oil

Iran Discovers New Oil Block in Central Country

Recent exploration has led to the discovery of a new oil block in Iran’s central province of Semnan, an unnamed source told Fars news agency May 28. However, the source said that preliminary findings do not indicate the existence of any notable reserve in the newly found block. The source …

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Kazakhstan Keen to Increase oil Transportation Through Azerbaijan

Kazakhstan Keen to Increase oil Transportation Through Azerbaijan

Kazakh national oil transportation company KazTransOil is conducting work to increase oil transportation through Azerbaijan via railway for further loading of the Batumi oil terminal on the Black Sea coast of Georgia, Kazakhstan’s Energy Ministry told Trend. The Batumi oil terminal is fully owned by KazTransOil. According to the ministry, …

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Oil Prices fall on Doubts Over OPEC Production Cut

Oil Prices fall on Doubts Over OPEC Production Cut

Oil prices fell around 2 percent on Tuesday on signs leading oil exporters were struggling to agree a deal to cut production to reduce global oversupply. The Organization of the Petroleum Exporting Countries will meet in Vienna on Wednesday aiming to implement an agreement outlined in September to cut output …

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Azerbaijan Weekly Market Watch

Azerbaijan Weekly Market Watch

Galt&Taggart Publishes Report on Main Developments that Took Place in Azerbaijani Economy Last Week: Oil extractiondown at the Azeri-Chirag-Gunashli oil field in 3Q16 In 3Q16, oil production was down 2.5% y/y to 622,359 barrels per day at the Azeri-Chirag-Gunashli (ACG) oil field, operated by the BP-led consortium, as operations at …

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SOCAR Drilling New Well at Oldest Oil field in Caspian Sea

Azerbaijan’s state oil company SOCAR will additionally produce about 3,650 tons of oil annually, thanks to the commissioning of a new well that is being drilled at the Oil Rocks offshore field, SOCAR said in a message posted on its website Nov. 24. The well’s projected depth is 1,700 meters …

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Construction Work at Baku Refinery to Start in March 2017

Construction Work at Baku Refinery to Start in March 2017

Construction work on the territory of Heydar Aliyev oil refinery in Baku will commence in March 2017, Tofig Gahramanov, the SOCAR vice-president for strategic development, told reporters in Baku. The FEED project (Front End Engineering Design) on new installations will be finished in December, said Gahramanov. The all-factory (including buildings, …

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IMF: Any Further Oil Price Recovery Expected to be Limited

IMF: Any Further Oil Price Recovery Expected to be Limited

The slump in oil prices and ongoing conflicts continue to weigh on MENAP’s (Middle East, North Africa, Afghanistan and Pakistan) economic outlook, the International Monetary Fund (IMF) said in its Regional Economic Outlook. Uncertainties arising from conflicts in Iraq, Libya, Syria, and Yemen are weakening confidence and lower oil prices …

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Iran Is Stuck With China to Finance Its Oil Dreams

Amid the snake-infested marshlands on Iran’s border with Iraq, the control room monitoring North Azadegan oil field is manned entirely by Chinese technicians. In central Tehran, hundreds of Chinese pour out at noon from the telecommunications company Huawei to its canteen. There are now so many Chinese expatriates here, some …

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