Page 14 - FSUOGM Week 12 2023

FSUOGM NEWS IN BRIEF FSUOGM

Dubai’s Dragon Oil eyes Turkmenistan is sold to trading firm Vitol Greece, Bulgaria and Romania.
All of Dragon Oil's output in
Azerbaijan, Georgia, Romania and
Turkmenistan's offshore under a monthly contract that is valid for Hungary signed an agreement on December
two years.
17, 2022, in Bucharest on a strategic
Caspian Sea Block 19 as part of countries where it has a presence. It said partnership to construct a Black Sea Energy
Dragon Oil is seeking acquisitions in
submarine electric cable with a capacity
expansion plan there were promising opportunities in of 1,000 MW and a length of 1,195 km.
The cable will be designed to supply green
Malaysia, Indonesia and Vietnam.
Dragon Oil, a subsidiary of Dubai's electricity produced in Azerbaijan through
state-owned Enoc, plans to increase its oil Georgia and the Black Sea to Romania for
production through organic growth and Azerbaijan's share in gas onward transport to Hungary and the rest
acquisitions, with a focus on the Asia- of Europe.
Pacific region. As part of its expansion supplies to EU increased to The project is currently at the stage of
plan, the company is eyeing Turkmenistan's developing a feasibility study, which is
offshore Caspian Sea Block 19, along with 3.4% in 2022 scheduled to be completed in September
pre-existing upstream assets in Iraq, in a bid 2023. Construction of the cable will take 3-4
to raise production to 200,000 barrels per European Commissioner for Energy Kadri years. The European Commission plans to
day (b/d) by 2025 and 300,000 b/d by 2026. Simson announced an increase in 2022 provide €2.3bn to lay the cable, which will
"There is potential [in Turkmenistan] but by 1 percentage point - up to 3.4% - of be the longest in the world.
we still have to assess. The idea is if we have Azerbaijan's share in gas supplies to the
more hydrocarbon resources there, it could countries of the European Union (EU)
add to our production," the company’s chief on 10 March. "The share of supplies from Azerbaijan receives 7 mcm of
executive Ali Al Jarwan was reported as Azerbaijan in total gas imports to the EU
saying by Argus. amounted to 2.4% in 2021 and 3.4% in gas from Turkmenistan through
An agreement between Dragon Oil and 2022," Simson said.
Turkmenistan's state-owned Turkmennebit She added that the European Iran daily
was signed last November. It covers the Commission is awaiting the results of the
conducting of 3D seismic studies in Block preparation of a feasibility study for the The daily volume of gas supplies from
19, which is adjacent to Dragon Oil's project of laying an electric cable under the Turkmenistan to Azerbaijan through Iran
Cheleken concession. Black Sea and added that the EC is ready to under the agreement on swap gas supplies
Dragon Oil announced in October of last support it. is currently 7 mcm. This was announced by
year that it was aiming to increase crude Earlier in 2022, Azerbaijan increased gas the official representative of the National
output from Cheleken to 60,000 b/d after a exports by 18% to 22.3 bcm, and supplies Iranian Gas Company (NIGC) Mohammad
10-year extension to its production-sharing to Europe amounted to 11.4 bcm (+39%). Reza Julai.
agreement with Turkmennebit. For 2023, gas exports from Azerbaijan are "Currently Iran imports 10 mcm of gas
The company anticipates a further planned at a level of over 24 bcm, of which daily from neighbouring Turkmenistan
increase in production to 70,000 b/d by at least 12 bcm to Europe. Currently, buyers under an agreement on swap gas supplies,
2025. of Azerbaijani gas in Europe are Italy, of which 7 mcm are supplied to Azerbaijan,"

P14 www. NEWSBASE .com Week 12 21•March•2023