Asian Development Bank to grant $450 mln in loan to expand Shah Deniz II project in Azerbaijan

30/03/2016 00:50 Natural Gas


Azerbaijan state-run energy company Socar has applied for a $450mn loan from the Asian Development Bank (ADB) to bolster its Shah Deniz project.

Shah Deniz, Azerbaijan’s largest gas field, is being developed by BP, Socar and others. The gas field is estimated to hold 1.2 trillion cubic metres of gas. Europe is interested in expanding Shah Deniz field as it seeks to diversify its gas imports and ease its dependence on Russian energy. Shah Deniz I started pumping gas since 2006 and has an annual output capacity of about 10 billion cubic metres (bcm) of natural gas. It is expected to produce 16 bcm of gas a year starting from 2019-2020, with 10 bcm designated for Europe and 6 bcm for Turkey. The second stage of the Shah Deniz field development includes drilling of 26 underwater wells, construction of two offshore platforms, gas and condensate underwater pipelines, expansion of the Sangachal terminal, installation of 2 units of compressor having daily capacity of 900 million cubic feet of gas, and their connection to the Southern Gas Corridor (SGC). The expansion project could cost $28 billion.

Daily (14.10.2019): Brent crude climbed by over 2.4% on Friday, following an Iranian tanker explosion in the Red Sea

14/10/2019 11:48:00

Crude oil prices soared on Friday, bolstered by rising tensions in the Middle East following a missile attack on an Iranian tanker. Hence, Brent crude traded 2.4% up at $60.51, while WTI futures rose by 2.2% to $54.70 a barrel.


Repsol sets up renewables unit

11/10/2019 16:01:00

Spanish oil business Repsol has established a renewable energy subsidiary, Repsol Renovables and plans to have 4.5 GW of clean energy generation capacity in 2025. And the fossil fuel giant claims it already has a clean energy pipeline in place sufficient to hit 90% of that ambition.


Chongqing gas mine plans to build 10 billion square gas field

11/10/2019 15:58:00

Chongqing Daily reporter learned that the gas mine is speeding up the shale gas business and tapping the potential of the old area, and plans to stop the decline and pick up natural gas production by 2020, with natural gas production exceeding 5 billion square meters by 2025 and 8 billion square meters by 2035 and striving to reach 10 billion square meters.