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Energy news
Bulletine Energy 

2017 August 11 ( Friday )  10:11:31
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SOCAR Drilling New Well in Caspian Field

Baku/11.08.17/ Turan: SOCAR will produce an additional 7,300 tons of oil annually due to the commissioning of a new well that is being drilled in the offshore field West Absheron.

According to the press service of SOCAR, the design depth of the well is 770 meters, and the daily debit, according to geologists, is expected at 20 tons of oil.

In January-June, 2017, SOCAR extracted (due to its share in joint projects) 3.71 million tons of oil in offshore and onshore fields of the country against 3.78 million tons produced in the same period of 2016.

In 2016, SOCAR produced 7.52 million tons of oil against 8.16 million tons produced in 2015. In total in Azerbaijan last year the volume of oil production amounted to 41.03 million tons against 41.58 million tons produced in 2015. -12B

Georgian Minister Names Share of Azerbaijani Gas in Local Market

Baku/11.08.17/ Turan: Azerbaijani gas will be a priority for Georgia in the purchase of natural gas in the future if it needs additional fuel, Ilya Eloshvili, the new Georgian Energy Minister, said in an exclusive interview with Trend.

"The statistics show that in Georgia the gas demand in 2016 was 2.2 bcm, where the share of the Azerbaijani SOCAR was 59 percent, the gas from the Azerbaijani gas condensate field Shah Deniz accounted for 35 percent, and the share of Russian gas was five percent, while the local production covered an insignificant part of the country"s gas demand, which was 0.3 percent. A similar situation is likely to continue in 2017-2018," the Minister said. -0

Why Did Export of Russian Gas to Europe Begin to Grow This Summer?

Baku/11.08.17/ Turan: Gazprom CEO Alexei Miller spoke about the growth of Russian gas exports abroad and indicated some difficulties with its transportation.

According to him, the daily volumes of pumping are now higher than the highs of the winter months. So, on August 9, the load of Gazprom"s transportation capacities for export amounted to 562 mcm, while at the peak of winter 2015-2016 it did not exceed 539 mcm per day.

Gazprom itself notes a significant increase in demand for Russian gas for the first half of the year. In particular, exports to Germany increased by 16.4%, to Austria - by 74.2%, to Slovakia - by 27.7%, and to the Czech Republic - by 27.1%. In addition, gas exports to Turkey increased by 23.4%, as well as to countries in South and South-Eastern Europe. Thus, the growth of exports to Hungary amounted to 25.9%, to Serbia - 45.3%, to Bulgaria - 12%, to Greece - 12.2%, and to Macedonia - 70.6%. According to the forecasts of Gazprom this year, the volume of gas exports to non-CIS countries can reach 180 bcm.

To a large extent, this will be facilitated by the lifting of the restrictions on the transportation of gas through the Opal gas pipeline, through which Russian "blue fuel" arrives in Europe, coming through the offshore gas pipeline Nord Stream. According to Miller, the Opal load on August 8 exceeded 90% of the designed capacity. Currently, Gazprom retains the exclusive right to use 50% of Opal"s transit capacity, which is 12.8 bcm. However, the EC allowed Gazprom to participate in the auctions for another 40% of the Opal transit capacity, which corresponds to approximately 10.2 bcm.

According to Miller, Gazprom has to use all possible routes because of the high demand of the EU for Russian gas. The acquisition of additional Opal capacities did not lead to a decrease in the loading of transit capacities in Poland. On the contrary, the Yamal-Europe gas pipeline through the territory of Poland worked at the maximum level in the first week of August. And on the Ukrainian corridor there was even an increase in the volume of transit through the Velke-Kapushany point on the Ukrainian-Slovak border, he said.

In general, the transit of gas through Ukraine is growing. According to the operator of the Ukrainian gas transportation system - the company Ukrtransgaz, on August 1 it was 251.5 mcm, and by August 7, the volume of supplies through Ukraine rose to 275.9 mcm per day.

However, the sources of the business newspaper Kommersant on the market said that the full load of Opal and high level of exports was due not only to the consumers of Gazprom: the company itself pumped substantial volumes of gas into rented UGS in Europe. -0

Italy Approves Construction of Interconnector Snam-TAP

Baku/11.08.17/ Turan: The Italian government approved the project for the construction of the Snam-TAP interconnector, said a source in the Italian company Snam, one of the shareholders of the TAP project, which suggests the transportation of Azerbaijani gas to Europe.

The Snam-TAP project provides for the construction of a 55-km interconnector connecting the receiving terminal of the TAP pipeline to the Snam Rete gas network in Italy.

According to the source, the project was approved on August 8 at the suggestion of Italian Prime Minister Paolo Gentiloni.

"The Snam project is currently awaiting an environmental impact assessment (EIA), and this document will soon be signed by the Italian Ministry of the Environment," the source said.

The length of the TAP is 878 km, of which 550 km will be laid via Greece, 215 km - via Albania, 105 km - across the bottom of the Adriatic Sea and 8 km - in Italy. -0

Oil Rises after Publication of OPEC Report

Baku/11.08.17/ Turan: World oil prices started to grow on August 10 after the release of the OPEC report for August, according to which the organization increased the forecast for world oil demand, RIA Novosti reported with reference to the trade reports.

On August 10, at 15.46, the cost of October futures for the North Sea oil blend of the Brent brand rose to 53.20 dollars per barrel, for the first time since May 25, breaking the mark of 53 dollars. The price of September futures for the WTI crude oil increased by 0.65% - to $ 49.88 per barrel.

According to the report, OPEC raised its forecast for world oil demand in 2017 by 0.11 million barrels per day, compared to the July estimate, to 96.49 million barrels per day. The forecast for oil demand in 2018 is also improved - by 0.12 million barrels per day, to 97.77 million barrels per day, which will be a new record for this indicator.

As noted by OPEC, the revision of the indicator for 2017 is associated with higher than expected earlier data for the second quarter for the countries of the Organization for Economic Cooperation and Development (OECD).

At the same time, the organization notes that in July it increased oil production by 172,600 barrels per day compared to June - up to 32.869 million barrels per day, due to production growth in Libya, Nigeria and Saudi Arabia. The decline in production was recorded in Iraq, Angola and Venezuela. -0-