The decision of the OPEC+ to cut the oil production down took the markets by surprise. The price in Brent crude jumped suddenly from USD 80 to USD 85 per barrel, an increase of about 7-8%, Saudi Arabia, Russia and their oil-producing allies announced on Sunday, 2 April 2023, that they would cut production by more than 1.2 million barrels of crude a day, or more than 1 … [Read more...]
Dragon Oil – Diamond Partner of the XXVIII International Conference and Exhibition “Oil and Gas of Turkmenistan-2023”
Ashgabat has started active preparations for the XXVIII International Conference and Exhibition "Oil and Gas of Turkmenistan - 2023" to be held on October 25-27, 2023. The event is organized by the State Concerns "Turkmengas", "Turkmennebit", the Chamber of Commerce and Industry of Turkmenistan, and the State Corporation "Turkmengeology" in partnership with Turkmen Forum with … [Read more...]
Global Multi-Energy Company TotalEnergies starts production in the Caspian gas field in Azerbaijan
TotalEnergies, global multi-energy company, and its partner SOCAR (State Oil Company of the Republic of Azerbaijan) announce the start of production of the first phase of development of the Absheron gas and condensate field in the Caspian Sea, TotalEnergies said in a press release. This first phase connects a subsea production well to a new gas processing platform, itself … [Read more...]
Kazakhstan and Russia ink hydrocarbon deals worth $8 billion
Kazakhstan and Russia have signed contracts worth more than $8 billion for the exploration of complex hydrocarbon deposits. This was announced by the Petrol Council of Kazakhstan with reference to the country's Energy Minister Almasadam Satkaliev. One of the contracts was signed between the national operator of the oil and gas industry of Kazakhstan "KazMunayGas" and … [Read more...]
Kazakhstan is expanding its oil tanker fleet to meet supplies commitment on Transcaspian route
On 4 July, two oil tankers "Taraz" and "Liwa" was handed over to Kazakhstan in Galati (Romania), the National Oil Company of Kazakhstan KazMunayGaz reported. The owner of the new tankers with a deadweight of 8000 tons is a joint venture "Caspian Integrated Maritime Solutions Ltd", whose shareholders are the National Maritime Shipping Company "Kazmortransflot" (KMTF) and "Abu … [Read more...]
As OPEC notes upward trend in world oil demand, the consumers should remain wary of market volatility, price fluctuations
The OPEC, in its latest monthly has revised upward the global oil demand for 2023. This is based on the market activity in January 2023. https://momr.opec.org/pdf-download/ The OPEC predicts that the oil demand will increase by 2.32 million barrels per day (bpd) in 2023 to reach 101.87 million bpd, with some minor upward adjustments due to China's expected better performance … [Read more...]
Last week Iranian oil ministry delegation had meetings in Turkmenistan, offered cooperation in several areas
An Iranian delegation led by the Deputy Oil Minister for Engineering, Research, and Technology Vahid-Reza Zeidifard was in Turkmenistan for the 14th special exhibition of Iran in Ashgabat. The delegation had meetings on the sidelines of the event, exchanging views with the senior officials of the state concern Turkmengaz, state concern Turkmennef, and the state corporation … [Read more...]
Prices of oil and gas are rising but Central Asia must remain cautious
nCa Analysis The prices of oil and gas are rising in the world markets but that is no reason for Central Asia to abandon its cautious policies. As recorded on 9 August 2023, the price of gas suddenly jumped by 22%, reaching USD 430 per thousand cubic meters on Dutch benchmark. Brent crossed USD 87 per barrel. This was reported by Kazinform, quoting Oil and Capital. The … [Read more...]
Oil production in Kazakhstan in 2022: 84.2 million tons
Kazakhstan produced 84.2 million tons of oil and condensates in 2022, reports Kazinform, the prime news service of Kazakhstan. The Kazinform correspondent reports that according to the Minister of Energy of Kazakhstan Bolat Akchulakov, it amounted to 84.2 million tons, or 101.6% of the plan. According to the minister, 9.2 million tons of oil or 100% of the 2022 plan was … [Read more...]
2023 Energy Outlook – ING Group Report
Predicting about the markets, particularly the oil and gas markets, falls in the genre of educated guess. The financial and analytical institutions are among the many sources for such predictions. The people in and related to the oil and gas sectors need to get acquainted with the incoming and fresh predictions to make their own informed decisions. ING Bank, part of the ING … [Read more...]
Petronas announces first oil at Garagol Deniz Oil Development Project
Ashgabat, Turkmenistan, 19 October 2021 – PETRONAS Carigali (Turkmenistan) Sdn Bhd (PC(T)SB) reached a significant milestone when it achieved first oil from the Garagol Deniz West (GDW) Oil Development project on 5 August 2021. The GDW field is located in Block 1, Turkmen Sector of the Caspian Sea. The 6,000 bp/d oil production from the unmanned Garagol Deniz Drilling … [Read more...]
For foreign partners of Turkmenistan in hydrocarbon sector – time to push the horizon – Part 2
Tariq Saeedi The government of Turkmenistan frequently mentions the need for diversification in its policy statements. What is the concept of diversification from the point of view of Turkmenistan? From time to time we have spoken to different senior officials in Turkmenistan about their idea of diversification. Here is what we have learned: There are four main … [Read more...]
Для зарубежных партнеров Туркменистана в углеводородном секторе – время раздвинуть горизонты сотрудничества – Часть 2
Тарик Саиди Правительство Туркменистана часто упоминает о необходимости диверсификации в своих политических заявлениях. Что такое концепция диверсификации с точки зрения Туркменистана? Время от времени мы беседовали с различными высокопоставленными чиновниками в Туркменистане об их идее диверсификации. Вот что нам удалось узнать: Туркменистане выделяет четыре … [Read more...]
Volatile oil futures in 2020 – whither Central Asia
nCa Commentary It is as if the analysts are taking out vastly differing rabbits from one big hat as far as the predictions about the oil prices next year are concerned. The Central Bank of Russia issued its updated macroeconomic forecasts on 9 September 2019 in which it does not rule out the oil prices falling to USD 25 per barrel in 2020 in risk scenario. Natasha Turak, … [Read more...]
Нестабильные нефтяные фьючерсы в 2020 году – каковы перспективы для Центральной Азии
Комментарий nCa Попытки аналитиков предсказать цены на нефть в следующем году больше похожи на вынимание из одной большой шляпы сильно отличающихся кроликов. Центральный Банк России опубликовал обновленные макроэкономические прогнозы от 9 сентября 2019 года, в которых в рисковом сценарии не исключается падение цен на нефть до $ 25 за баррель в 2020 году. Наташа Турак в … [Read more...]
The 24th “Oil and Gas of Turkmenistan” international conference (OGT 2019)
The 24th “Oil and Gas of Turkmenistan” international conference is organized by State Concern “Turkmennebit” in partnership with Turkmen Forum, and will take place at the Chamber of Commerce and Industry of Turkmenistan on 22-23rd of October 2019. OGT is a prestigious business forum, which is held annually to develop and strengthen international partnerships between Turkmen … [Read more...]
23rd International Conference “Oil and Gas of Turkmenistan 2018”
September 10, 2018, Ashgabat - The 23rd International Conference "Oil and Gas of Turkmenistan 2018" will be held in Ashgabat, the capital of Turkmenistanon November 20-21, 2018.The State Concern "Turkmennebit" organizes the forum with the assistance of the French company Cifal Industrial Services. The International Conference “Oil and Gas of Turkmenistan» has established … [Read more...]
Dealing with pressure on Manat
Tariq Saeedi Ashgabat, 24 August 2015 (nCa) --- On 20 August 2015, Kazakhstan decided to do away with the dollar-pegged exchange rate and allow Tenge to free float as per market conditions. The structure of free float decision In free float scenario, the value of Tenge will be determined by supply and demand in the FX (forex) market. The National Bank will retain the … [Read more...]
Решения вопроса о давлении на манат
Тарик Саиди Ашхабад, 24 августа 2015 (nCa) --- 20 августа 2015 года Казахстан решил отказаться от привязки своей валюты к доллару и позволить тенге отправиться в свободное обращение согласно рыночным условиям. Структура решения о свободном плавании По сценарию свободного плавания, стоимость тенге будет определяться спросом и предложением на валютном … [Read more...]
Russian firm wins major oil contracts in Iraq
LUKOIL SIGNED CONTRACTS - FOR WEST QURNA-2 FIELD DEVELOPMENT IN IRAQ LUKOIL Mid-East Ltd (West Qurna-2 project operator) signed several major contracts for West Qurna-2 field development in Iraq according to the tender results. The contract with the Samsung Engineering (Korea) sets out 29 months to design 5 well pads with 67 development wells, 5 gathering lines, central … [Read more...]