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

Daily (19.08.2019): The German spot power price tumbled by 27% due to lower demand

19/08/2019 11:33:00

Oil prices rebounded from previous losses on Friday asfurther support from central banks might alleviate recession worries. Brent crude rose $0.41, or 0.7% to $58.64 a barrel. WTI futures added $0.40, or 0.7% to $54.87 a barrel.

<READ MORE

Lundin makes small oil discovery at Goddo prospect in North Sea

19/08/2019 09:42:00

The discovery was made at the wildcat well 16/5-8 S, in the production license 815, about 14 kilometers south of the Edvard Grieg field in the central part of the Norwegian sector of the North Sea.

READ MORE

Croatia's net electricity output falls 2.4% year-on-year in June

19/08/2019 09:39:00

Croatia's net electricity production decreased to 902 GWh in June from 924 GWh in the same month of 2018, the country's statistical office said on Friday.

READ MORE