BP awards key contracts for $6 billion worth Caspian Sea project

17/09/2019 09:16 Oil Market

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BP, as operator of the Azeri-Chirag-Deepwater Gunashli (ACG) field development, has awarded key contracts for the the Azeri-Central-East (ACE) project located in the Azerbaijan’s sector of the Caspian Sea. Some of the construction activities have already started and will run through mid-2022.

The $6 billion development includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to achieve 1st production in 2023 and produce up to 300 million barrels over its lifetime.

 

The contract for the fabrication of the jacket for the ACE platform and skirt piles has been awarded to the consortium consisting of BOS Shelf and Star Gulf FZCO. The value of this contract is around $260 million.The construction works have already started and are expected to be completed in 2021.

 

The 2nd contract is for the fabrication and integration of the topsides unit for the ACE platform. This contract was awarded to Azfen in July 2019. The value of the contract is more than $486 million. The construction works under this contract have already started and are expected to be completed in 2022.

Source: neftegaz.ru

Exxon Mobil considers sale of Malaysian offshore assets for up to $3 bln

09/10/2019 14:54:00

U.S. energy giant Exxon Mobil Corp is considering a sale of its Malaysian upstream offshore assets for up to $3 billion, Bloomberg reported on Wednesday.

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Zimbabwe hikes average electricity tariff by 320% - energy regulator

09/10/2019 13:25:00

Zimbabwe has increased the average electricity tariff by 320% to let the state power utility ramp up production and improve supplies at a time of daily rolling power cuts, the national energy regulator said on Wednesday.

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Daily (09.10.2019): European carbon prices reached EUR 23 a tonne on Tuesday, on worries over Brexit negotiations

09/10/2019 10:50:00

Crude oil prices traded lower on Tuesday, after Donald Trump reported that a quick trade deal will unlikely happen soon. Meanwhile, oil prices were supported by protests in OPEC members Iraq and Ecuador, which threatened to disrupt their oil output. Hence, WTI futures fell by 0.2% to $52.63 a barrel, while Brent crude edged 0.2% down at $58.24 a barrel.

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