Page 17 - FSUOGM Week 05 2023

FSUOGM NEWS IN BRIEF FSUOGM

First phase of TAP gas pipeline Sea. He said the hub could benefit from SOCAR produced about 7.8mn
having the right to engage in price-setting.
expansion to be launched Turkey there will be concerns among those tonnes of oil and over 8 bcm of
However, if any such hub is set up in
TAP AG will launch the first phase of its applying Ukraine war sanctions to Russian gas in 2022
TAP gas pipeline expansion, adding 1.2 bcm gas supplies that there could be disguised
of gas per year, according to the latest press Russian gas shipments transiting out of the SOCAR produced 7.785 mn tonnes of oil in
release. The company conducted the first hub to their markets. 2022 (a decrease of 1.4% compared to the
round of mandatory market testing in Jan "Our target is to bring together supplier 7.892 mn tonnes in 2021), according to the
2023, during which shippers requested extra and consumer countries and become the company's press service.
capacity. TAP AG plans to offer access to gas-trading centre where the benchmark Gas production by SOCAR in 2022 was
the extra capacity from 2026 on long-term price of gas is set," Reuters reported 8.069 bcm (an increase of 2.7%).
contracts. Donmez as saying after he separately SOCAR attributes its successful
“We are pleased to start expanding TAP's announced a 10-year gas deal with Oman. production year to improved management,
capacity, which can be gradually increased integrated enterprises, digital energy
to at least 20 bcm per year. New volumes technologies, business resilience, and
of hydrogen and other renewable gases can Russia reportedly overtakes increased operating efficiency "despite the
also be transported by expanding TAP's volatility observed in the energy markets,
capacity,” said TAP Managing Director Luca China as top foreign investor in as well as the weakening of global economic
Schieppati, as quoted in a press release. activity".
The pipeline's capacity can be gradually Iran Earlier, SOCAR produced 7.892 mn
increased to 20 bcm per year by 2027. tonnes of oil in 2021 (an increase of 6.5%)
TAP AG will conduct a second round of Russia has overtaken China as the biggest and 7.857 bcm of gas (an increase of 7%).
mandatory market testing in H2 2023. The foreign investor in Iran, Iranian newspaper
TAP pipeline currently transports 10 bcm Donya-e Eqtesad has reported, citing Ali
of natural gas from the Shah Deniz field Fekri, head of the state-run Organization Uzbekistan to this year buy oil
to Europe, with the capacity to double to for Investment and Economic and Technical
20 bcm. Azerbaijani gas exports to Europe Assistance of Iran. from Turkmenistan
increased by 12.3% to 11.4 bcm in 2022, and A major factor in the change of ranking
gas exports are planned at 24 bcm in 2023, was reportedly that Russia spent $2.7bn Uzbekneftegaz has plans to this year
with 12 bcm going to Europe. on two oil projects in the western Ilam purchase oil from Turkmen Petronas
province since last 2021. Carigali to serve needs of Uzbekistan's
Trade and investment cooperation Bukhara oil refinery, AKIPress reported on
Turkey gas summit to bring between Russia and Iran—the world’s most January 26.
and second most sanctioned countries,
Discussions between Uzbekneftegaz and
together supplier countries and respectively—has been on an upward Petronas Carigali reportedly took place in
trend since Moscow turned to Tehran as
Tashkent and resulted in a commitment to
Europe's consumer countries a regional ally after being hit by a heavy jointly develop a supply plan.
Petronas Carigali, a subsidiary of the
economic backlash from Western countries
Turkey is to hold a natural gas summit on in the wake of its February 2022 invasion Malaysian oil and gas company Petronas,
February 14-15 that will bring together gas of Ukraine. Iran has provided Russia with is one of the operators drawing oil and gas
supplier countries and Europe's consumer kamikaze drones, which it has used to from the Turkmen part of the Caspian Sea.
countries, Turkish Energy Minister Fatih attack both military and civilian targets in
Donmez said on January 30. Ukraine.
"We will bring together supplier After Russia, the United Arab Emirates, Uzbekistan to import Russian
countries from the Middle East, Afghanistan, Turkey and China were the
Mediterranean, Caspian and Middle Asia next biggest investors in Iran. China was gas from March 1
with consumer countries from Europe," said to have cut investment spending in Iran
Donmez said of the event, scheduled for over the past year, limiting it to logistics Uzbekistan plans to import Russian gas
Istanbul. centres or border facilities related to from March 1, the country’s Energy
Turkey is almost entirely dependent Chinese export flows into the Persian Gulf Minister Jorabek Mirzamakhmudov said on
on imports for gas, but gas supplies from country. the sidelines of the Uzbek-Kyrgyz Business
Russia, Azerbaijan and Iran, as well as Fekri was cited as noting that Russia has Forum in Bishkek on Jaunary 26.
liquefied natural gas (LNG) imports from invested in Iran by either sending physical Mirzamakhmudov noted that the
Qatar, the US, Nigeria and Algeria enter cash or by using foreign currency traders. technical capabilities of the local gas
its pipelines and ports, thus Ankara has Not all big Russian investments in Iran transmission system for receiving fuel
ambitions of the country becoming a gas are proceeding smoothly, however. On through new logistics channels were being
supply hub. January 24, OilPrice.com reported that studied.
In October, Russia's President Vladimir sanctions on Russia were stalling a flagship "We plan to start importing natural gas
Putin proposed setting up just such a Iranian gas project, namely South Pars from Russia to Uzbekistan from March 1,
gas hub in Turkey following mysterious Phase 11. 2023. The established taskforce is currently
explosions that severely damaged Russia's studying the condition and technical
Nord Stream gas pipelines under the Baltic capabilities of the gas transportation

Week 05 01•February•2023 www. NEWSBASE .com P17