BP hit a milestone oil production in Azerbaijan

18/08/2016 10:43 Oil Market

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A BP unit working in the Caspian Sea unveiled a milestone for oil pulled from Azeri waters with its 3 billionth barrel since the start of production from the Chirag platform in 1997.

BP is the operator of ACG, co-owned by the Azeri government, being one of the largest oil complexes in the world. ACG is formed of six production platforms: Chirag-1, Central Azeri, West Azeri, East Azeri, Deepwater Gunashli, West Chirag; and two process, gas compression, water injection and utilities (PCWU) platforms, equipped with latest technologies. Four years ago, BP’s role in ACG complex was harshly criticized by the Azeri government, complaining production during the first half of 2012 declined 12 percent from the previous year. The production achievement is due to huge efforts by all individuals and teams involved, stated Gordon Birrell, BP regional president for Azerbaijan-Georgia-Turkey. One of the oldest oil-producing nations in the world, Azerbaijan is estimated to hold as much as 7 billion barrels of oil reserves. Outpulast year averaged around 850,000 barrels of oil per day.

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.

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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.

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Daily (11.10.2019): EU carbon prices climbed by 2.5% on Thursday, following positive negotiations between the UK and Ireland

11/10/2019 10:44:00

Crude oil prices rebounded on Thursday, as OPEC pledges to take a supply decision for next year this December. Trade talks between U.S. and China to be held next week also lent support to prices. Hence, Brent crude rose by 1.3% to 59.10 a barrel, while WTI futures climbed by 1.8% on a daily basis to end at $53.55 a barrel.

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