Page 20 - FSUOGM Week 39 2021

FSUOGM NEWS IN BRIEF FSUOGM

share of oil in the global energy portfolio week, the minister spoke about the main company's guidance for higher energy
falling by 2 percentage points, and the tasks facing the oil and gas industry in Iraq,. transition spending.
share of gas rising by 1.1 percentage points, In a press release, Socar said its president
according to the report. informed the minister and his delegation
Demand for renewable energy resources about topics including the development Dragon Oil with assets in
will grow 5.4-fold from 2020 through 2045, of the oil industry of Azerbaijan, Socar’s
the OPEC also said. ambitious projects and technological and Turkmenistan on track to
economic potential that the company is
pursuing. double oil output
Gazprom shares reach under Socar production sharing agreements UAE producer Dragon Oil remains on
Abdullayev noted that 95% of the work
RUB350 apiece first since is carried out by local specialists. The guests track to nearly double its oil output from
international assets, which include assets
were also informed about the activities
May 2008 of Baku Higher Oil School and other in Turkmenistan, to around 300,000
barrels per day (b/d) by 2026, despite
professional educational institutions that
The shares of Russian gas giant Gazprom function as part of Socar. the coronavirus-related setback in 2020,
broke through the 350 rubles per share Upstream reported on September 21, citing
mark early on September 27, first since May Dragon Oil’s chief executive Ali Rashid Al
2008, thanks to external positivity and high Tengizchevroil to delay Jarwan.
gas prices in Europe, as seen by PRIME in Al Jarwan said the firm was currently
materials of the Moscow Exchange. $45bn expansion project producing 160,000 b/d of oil, with
The price grew by 1.65% to 349.98 rubles around 60% of that production coming
as of 1:33 p.m. Moscow time. due to COVID-19 from the two offshore developments
within the Cheleken contract area in the
The Chevron-led consortium Tengizchevroil Turkmenistan’s sector of the Caspian Sea.
in Kazakhstan is set to delay part of its “When the [Covid-19] pandemic
CENTRAL ASIA & SOUTH $45bn expansion project at the Tengiz occurred, Dragon had to cut spending and
oil field by three to seven months due to operating expenditures by 35%, however,
CAUCASUS COVID-19 restrictions and infections [we] managed to pass the period without
among workers, Kazakhstan’s energy major layoffs," Al Jarwan said.
Iraqi oil minister hopes ministry has said. digital solutions and new energy
“We have been a pioneer in adopting
The project is designed to raise oil
for cooperation with production by 12mn tonnes per year. innovation, and therefore we have managed
It is currently looking on course to be
to maintain our financial resilience while
Azerbaijan’s Socar completed by November 2023 instead of forging ahead with our overseas projects,"
April 2023. Tengizchevroil, which includes
he added.
Iraqi oil minister Ihsan Abdul-Jabbar minority stakes held by Exxon Mobil, Dragon Oil recently renewed its
Ismail expressed his country’s interest in Russia's LUKOIL and Kazakh state firm development contract in Turkmenistan for
cooperation with Azerbaijan’s national oil KazMunayGaz, accounts for around a third an additional 10 years until 2035, Al Jarwan
company Socar during a meeting with the of Kazakhstan's total oil production. noted.
company president Rovnag Abdullayev. JP Morgan recently downgraded
On a visit to Azerbaijan at the end of last Chevron shares, citing valuation and the

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