BP discovers another giant gas field in the Caspian

11/01/2019 09:34 Natural Gas

news

BP and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start.

The British oil major intends to drill six new exploration wells in the country by 2020, according to Gary Jones, BP’s regional president for Azerbaijan, Georgia and Turkey. If his expectations are met, the company could find a new gas play that’s about the same size as Shah Deniz, its project that produces the fuel from a field in the Caspian Sea that’s as large as Manhattan.

 

“Alongside Brazil, Azerbaijan stands out in terms of the areas of focus for the next few years,” Jones said in a phone interview. “It’s a very significant exploration program for us, which demonstrates the confidence and the role that we see in the Caspian.”

 

Companies, including BP, are pouring more money into Eurasia, a region with massive, untapped gas reservoirs that are practically next door to fuel-hungry European buyers. In June, BP and partners including Lukoil and Petronas, started sending gas from the second phase of Shah Deniz through a new link between the Caspian Sea and Turkey. From 2020, the fuel will also flow to Greece, Bulgaria and Italy when the final leg of the pipeline system is completed.

 

If BP finds more gas in nearby exploration wells, it could use the same pipelines to transport that fuel to Europe.

Source: worldoil.com

Iberdrola breaks ground on 500-MW PV plant in Spain's Extremadura

19/03/2019 09:11:00

Spanish energy giant Iberdrola SA broke ground Monday on a 500-MW photovoltaic (PV) complex in the autonomous region of Extremadura.

<READ MORE

Daily (18.03.2019): European spot prices tumbled by over 30% on Friday due to strong renewables generation

18/03/2019 10:30:00

Oil prices edged lower on Friday as rising crude U.S. weekly production and worries about global economy put pressure on the market. Brent crude slipped by 0.1% to $67.16 a barrel, while WTI futures traded 0.2% lower at $58.52 a barrel.

READ MORE

Gazprom starts on Serbian CCGT

18/03/2019 09:06:00

Gazprom has started the construction of a 200 MW combined cycle gas turbine (CCGT) power plant in Serbia.

READ MORE