Weekly review of major events in Azerbaijan's oil & gas sector

Gas Materials 29 May 2021 14:37
Baku, Azerbaijan Trend News Agency Fidan Babayeva
Weekly review of major events in Azerbaijan's oil & gas sector

Turkish BOTAS International Limited (BIL) informed this week about shipping over 3.6 billion barrels of oil from the Ceyhan oil terminal to date, Trend reports.

According to the source, overall 4,770 tankers with oil from the Azeri-Chirag-Gunashli (ACG) block of fields have been loaded from the terminal to date.

Since early 2021, 111 tankers with ACG oil (80.4 million barrels of oil) have been shipped from the Ceyhan oil terminal.

Besides, this week it was reported that up to May 24, BP, together with its partners, has invested around $78.5 billion into projects it operates in Azerbaijan.

BP’s social investments in the country cover such areas as building local capabilities, education, development of communities, local enterprises, the environment, sporting potential as well as research and promotion of the country’s rich cultural heritage.

Overall, since the start, BP itself and together with its co-venturers in the joint ventures that BP operates in Azerbaijan, has spent more than $94 million on social investment projects in this country.

Furthermore, this week Azerbaijan’s state oil company SOCAR has opened two floating re-fuelling complexes in Ukraine for small and medium-sized vessels.

The complexes are located in Kyiv and Odessa.

Meanwhile, Simon Pirani, Senior Research Fellow, Oxford Institute of Energy Studies said that the Shah Deniz I contract with Botas is likely to be renewed.

According to Pirani, first, volumes are likely to be reduced, as the field is in natural decline, and Botas is also contracted to purchase 6 bcm/year from Shah Deniz II until 2033.

“Second, the buyer will push for price formation at a lower level, in line with market trends,” he added.