Tag Archives: Azerbaijan

The reductions will be on the same terms as those agreed in November.

TAP’s shareholding is comprised of BP (20 percent). SOCAR (20 percent). Snam S.p.A. (20 percent). Fluxys (19 percent). Enagás (16 percent) and Axpo (5 percent).

In the newly signed contract. Azerbaijan’s share of the oil will be 75 per cent. and bonus payments by foreign investors will reach $3.6 billion.

Under a new draft agreement SOCAR’s share would rise to 25 percent from 11.65 percent.

Construction and assembly works on the new project. proposed by the plant. have been started to improve the process of separating oil products from industrial water.

SOFAZ was established in Azerbaijan in 1999 and the Fund’s main source is revenues from the sale of oil and gas that account for the state share.

In the first half of 2017. the ACG field production averaged 585000 bpd from the six platforms.

BP stated that the crane is capable of placing 750t subsea structures as far as 600m below sea level.

TANAP project envisages transportation of gas from Azerbaijan'.s Shah Deniz field to the western borders of Turkey.

Absheron’s reserves are estimated at 350 billion cubic meters of gas and 45 million tons of condensate. according to the estimations of SOCAR geologists.