Caspian Energy Investor ¹ 01 (276) 10 January 2008
ACCENT
SOCAR NEEDS NEW DISCOVERIES
OIL PRODUCTION AT SHALLOWS OF GUNASHLI CANNOT GET STABILIZED
Oil production at Gunashli field (shallows), which counts for 65% of all SOCAR’s oil production is passing to the Stage 3, which is quite long by itself. Actually, oil production at Gunashli cannot get stabilized as SOCAR reached the stage when oil production is only declining. This is quite natural and SOCAR needs new discoveries to stabilize overall production. Nevertheless, the nationwide oil production is growing up due to joint development of Azeri-Chirag-Gunashli block. So, the total oil production in Azerbaijan during 2007 was over 42MT, with 50MT expected in 2008.
EXCLUSIVE
WE MORE THAN DOUBLED GAS PRODUCTION IN A YEAR – CHIEF GEOLOGIST, AZNEFT
«With an existing certain basis we drew a new concept. We got ready literally next morning and reported the company’s management but virtually no-one trusted us saying we can more than double gas production in a year. To say you can ramp up production in the 50-year outlook is quite easy but to assert his can be done in a year…», said Akif Narimanov, Chief Geologist, Azneft PA, SOCAR, in his exclusive interview with Caspian Energy Investor.
CASPIAN REGION
Kazakhstan
KAZAKHSTAN’S SUBSOIL USERS TO PAY SUBSOIL TAX FROM 2009
NEW TAX SUIT TO KASHAGAN PROJECT
Kazakhstan’s Ministry of Finance intends to make a presentation of changes in the legislation suggesting introduction of a subsoil tax in late January-early February, the current year. The ministry initiated a new payment to the state budget. The tax will be calculated depending upon the amount of crude production and its price in global markets.
Turkmenistan
Russia
GAS
TURKMENISTAN SUSPENDED GAS SUPPLIES TO IRAN, IRAN DOES THE SAME TO TURKEY AND TURKEY TO GREECE
On Monday Iran suspended gas supplies to Turkey due to cold weather, RIA Novosti reports with reference to NTV Channel.
TRANSPORTATION
Odessa-Brody
Baku-Novorossiysk
Baku-Batumi
CPC
Caspian Sea ports
EXHIBITIONS
5TH ANNIVERSARY CASPIAN INTERNATIONAL BANKING & FINANCE CONFERENCE & SHOWCASE
The 5th Caspian Banking & Finance Conference 2008 — Caspian World is due in Baku in April.
SOCAR
SOCAR DISCLOSES 12-MONTH PRODUCTION FIGURES
During January-December 2007, SOCAR with its OCs and JVs produced at on and offshore fields 8,800,880n ton of oil, up 880ton (1.9%) over year, SOCAR’s people told Caspian Energy Investor.
CONSORTIA
Shah Deniz
COMPANIES
WORLD MARKET
OIL PRICES SHALL GROW AGAIN IN GLOBAL MARKETS IN 1Q2008
Following oil hitting psychological ceiling of $100/bbl in the early 2008, President OPEC Shakib Khalil said the oil prices will grow again during 1Q2008. He said this is linked to tension in Pakistan and Nigeria and reduction of oil reserves in the USA.