Page 19 - FSUOGM Week 23

FSUOGM
NEWS IN BRIEF
FSUOGM
KMG, Eni expand co- operation
Kazakhstan’s national oil concern KazMunayGas and Agip Caspian Sea, a subsidiary of Italian oil group Eni, signed a memorandum on June 11 to expand their co-operation. e companies agreed to co- operate in three speci c areas: technological co-operation in hydrocarbon exploration and production, including the sharing theadvancedpracticesandknow-how; considerationofthepotentialforco- development of exploration and production projects and implementation of a training programme for KMG sta .
KMG and Eni are planning regular engagements to ensure the exchange of knowledge and experience in terms of the drilling and completion of wells, integrated reservoir modelling, HC residual productive capacity and production growth.
“We continue to work on strengthening a long-term co-operation between the two companies and this memorandum is further evidence of our expanding co-operation,” KMG Chairman Alik Aidarbayev said in a
statement. “Successful interaction between the companies will address both production and learning processes.” Today we have discussed Eni/KMG joint projects and further prospects for our co-operation,” Eni’s chief upstream o cer Antonio Vella said. “Both companies expressed their intent to bring joint activities to a higher level.”
KMG (KAZAKHSTAN), June 11 2019
SOUTH CAUCASUS
Azerbaijanraisesoiloutput in May
Azerbaijan produced 776,000 bpd of oil
in May, up from 683,000 bpd in April, the country’s energy ministry has said. e gure incluudes 699,000 bpd of crude oil and 77,000 bpd of condensate.Azerbaijan derives the bulk of its oil production from the Azeri-Chirag- Deepwater Gunashli (ACG) project in the Caspian Sea, operated by BP.
June 11 2019
SOCAR expands revenues in 2018
Azerbaijan’s national oil concern SOCAR has reported generating 111.2 billion Azeri manat (US$65.2 billion) in revenues in 2018, up 20% year on year. Its cost of sales came to 105.5 billion manat, while its operational income stood at 3.6 billion manat.
“In 2017 and 2018, SOCAR managed
to raise its nancial performance back to thepre-crisislevelandmadebothyears pro table,”the rmsaid.“ ecompany has achieved a positive balance in the turnover last year due to a rise in the world market oil prices, higher revenues from the petrochemical products by the commissioning of the STAR Re nery and Polypropylene plant and the rise in natural gas sales from the Shah Deniz-2 project.”
SOCAR is a shareholder in Shah Deniz-2 and Azeri-Chirag-Gunashli (ACG), two of the biggest upstream developments in the Caspian area.
June 4, 2019
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Week 23 12•June•2019
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