INPEX Corporation has signed a share purchase agreement to acquire the remaining 49% stake in INPEX South West Caspian Sea Petroleum Co., Ltd. (ISWCS), making it a wholly owned subsidiary. The shares are being acquired from Japan’s Ministry of Economy, Trade and Industry (METI) through an open bid process. Financial terms were not disclosed. Through ISWCS, […]
The State Oil Company of the Azerbaijani Republic (SOCAR) and Gran Tierra Energy Inc. have signed a production sharing agreement (PSA) covering exploration and development of a prospective onshore block in Azerbaijan’s Guba-Caspian region.
bp has renewed a long-term offshore operations and maintenance contract in Azerbaijan’s Caspian Sea covering eight production platforms across its operated Azeri Chirag Gunashli (ACG) oil field and Shah Deniz gas development. The renewed agreement with Turan Drilling & Engineering Company LLC—a joint venture between SOCAR AQS and Helmerich & Payne—has an initial term of five years, with three […]
Azerbaijani President Ilham Aliyev met Russell Hardy, Chief Executive Officer of Vitol, on January 21 on the sidelines of the World Economic Forum in Davos, with discussions focusing on energy cooperation and supplies to Europe.
MOL Group and SOCAR have signed a comprehensive onshore exploration, development and production sharing agreement covering the Shamakhi-Gobustan region of Azerbaijan, strengthening their long-standing upstream partnership in the Caspian region. Under the agreement, MOL Group will serve as operator with a 65% working interest, while SOCAR will hold the remaining 35%. The fully termed deal follows a preliminary […]
bp, together with its partners, has entered into a series of agreements that will build and expand on its major oil and gas interests in Azerbaijan, paving the way for growth and additional production while deepening its partnership with the country and state oil company, SOCAR.
A consortium of Azeri state company Socar, BP Plc and Israel’s NewMed Energy LP will get the right to explore in one offshore block, in a signing overseen by Azerbaijan Economy Minister Mikayil Jabbarov and Israeli Energy Minister Eli Cohen, according to the Israeli energy ministry. The agreement gives Socar another foothold in important Israeli assets after the company bought a 10% stake in the Tamar gas field earlier this year.
A new US Department of Energy survey provides updated data on oil & natural gas production in the CaspianBasin. It shows that four regional states – Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan – collectively account for 3 percent of global energy production.
The International Renewable Energy Agency (IRENA) unveiled a new partnership model that can accelerate renewable energy deployment and foster green industrialisation in Central Asia. The partnership was launched by IRENA at the COP29 Energy Transition Investment Forum for Central Asia.
SOCAR (State Oil Company of Azerbaijan Republic) and UK oil major BP have signed a memorandum of understanding (MoU) to explore potential collaboration opportunities in international oil and gas upstream projects. The partnership, focused on bolstering global energy security, underscores the companies’ commitment to a reliable and sustainable energy supply.