BP says Azerbaijan gas discovery may be significant - extended

Energy Trade

BP said it’s made a major new gas-condensate discovery in the Shah Deniz field in the Caspian Sea that will likely be similar or larger in size than stage 1 - 8.6 billion cubic meters a year.

“The exploration discovery represents a potentially significant find. There will be appraisal to fully delineate the new structure in the next few years,” BP said.  “The well has proven that there are reserves with the potential to more than double production from the field,” StatoilHydro spokeswoman Kjersti Morstoel said in an interview to Bloomberg today. “Gas from a second development stage can help cover national demand for gas in Azerbaijan and countries in the region, but also supply markets in the European Union.” Christine Tiscareno, an analyst at Standard & Poor’s Equity Research, said the news was “very positive” and noted the gas could then be exported to Europe. BP is the operator of the field and holds 25.5% of the project; StatoilHydro has 25.5%, the State Oil Co. of Azerbaijan has 10%, LUKoil has 10%, Nico has 10%, Total has 10% and TPAO has 9%. (marketwatch, bg)


Nagy: More Involvement in Insurance Market Banking

Nagy: More Involvement in Insurance Market

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Home Loan Rates Climb Over 10% Residential

Home Loan Rates Climb Over 10%

Countries Exchange Experiences for Better Production of Catt... Conferences

Countries Exchange Experiences for Better Production of Catt...


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.