Latest news with #BP-led
Shafaq News
4 days ago
- Business
- Shafaq News
Iraq clinches major China oil deal as exports to Asia hold steady
Shafaq News/ Iraq secured the world's second-largest energy deal in May through an agreement with China, while crude exports to top Asian buyers remained broadly stable, official and industry data showed on Wednesday. The South Basra Integrated Project will raise output at the Tuba oil field from 20,000 to 100,000 barrels per day (bpd) and includes a 200,000-bpd refinery, a 620,000-ton petrochemical plant, a 520,000-ton fertilizer facility, and two power stations with a combined capacity of 1,050 megawatts. The deal follows recent high-profile investments, including a BP-led initiative to develop four oil fields in Kirkuk. In February, Iraq and Saudi Arabia led global crude deals, ranging from export contracts to asset acquisitions. Analysts view the streak of agreements as a bid to monetize energy assets and diversify Iraq's economy. Despite volatility in global markets, Iraq's crude shipments to Asia have also remained steady. Customs data showed China imported 1.11 million bpd in May, up 22,000 bpd from the same period last year. India followed with 931,000 bpd, down slightly from 959,000 bpd year-on-year.
Zawya
11-02-2025
- Business
- Zawya
BP plans six new gas wells to sustain output from Azeri Caspian Sea field
BP plans to add six new wells to its operation in Azerbaijan's Shah Deniz gas field in the Caspian Sea to ensure stable production in the years ahead, a senior manager at the international energy major told Reuters. BP currently operates 21 gas wells in Shah Deniz, which is developed by a BP-led consortium and which is critical to Azerbaijan's commitment to boost gas exports to the European Union, providing an alternative to dwindling Russian supplies. Under a 2022 deal, Azerbaijan is expected to double its exports to the EU to at least 20 billion cubic metres a year by 2027. Bakhtiyar Aslanbayli BP's vice president for the Caspian region, told Reuters in an interview that last year the field's output increased to around 28 billion cubic metres in 2024 from around 26 bcm in 2023. Current output averaged 76 million cubic metres per day, while the field's total capacity was 79 million cubic metres per day. "We plan to put into production six more wells in this field in the coming years, which will help maintain a plateau for several years," he said. Last month, gas flows from Azerbaijan to Bulgaria and Serbia were halted for several days due to a technical problem with the subsea condensate export pipeline connecting the Shah Deniz Alpha platform, one of two platforms at Shah Deniz, to the Sangachal terminal. Aslanbayli said the company did not plan to stop platforms for planned maintenance this year. BP, which also produces oil in Azerbaijan, last year started production at a new Azeri Central East (ACE) offshore platform in the Caspian Sea. The new development aims to help counter a decline in output at the Azeri–Chirag–Gunashli (ACG) complex of offshore oilfields, also operated by BP, which has passed its peak of 50 million metric tons, or 1 million barrels per day (bpd), in 2010. Azerbaijan's oil output is expected to be 29 million tons per year both in 2024 and 2025, or 580,000 bpd. Aslanbayli said АСЕ produced 4 million barrels (10,000 bpd on average) in 2024 and it will increase output as more wells are drilled in 2025. "This is helpful, as we work to slow down the natural decline and maximize recovery from ACG," he said. (Reporting by Nailia Bagirova; Olesya Astakhova; writing by Vladimir Soldatkin Editing by Tomasz Janowski)
Reuters
11-02-2025
- Business
- Reuters
BP plans six new gas wells to sustain output from Azeri Caspian Sea field
BAKU, Feb 11 (Reuters) - BP (BP.L), opens new tab plans to add six new wells to its operation in Azerbaijan's Shah Deniz gas field in the Caspian Sea to ensure stable production in the years ahead, a senior manager at the international energy major told Reuters. BP currently operates 21 gas wells in Shah Deniz, which is developed by a BP-led consortium and which is critical to Azerbaijan's commitment to boost gas exports to the European Union, providing an alternative to dwindling Russian supplies. Under a 2022 deal, Azerbaijan is expected to double its exports to the EU to at least 20 billion cubic metres a year by 2027. Bakhtiyar Aslanbayli BP's vice president for the Caspian region, told Reuters in an interview that last year the field's output increased to around 28 billion cubic metres in 2024 from around 26 bcm in 2023. Current output averaged 76 million cubic metres per day, while the field's total capacity was 79 million cubic metres per day. "We plan to put into production six more wells in this field in the coming years, which will help maintain a plateau for several years," he said. Last month, gas flows from Azerbaijan to Bulgaria and Serbia were halted for several days due to a technical problem with the subsea condensate export pipeline connecting the Shah Deniz Alpha platform, one of two platforms at Shah Deniz, to the Sangachal terminal. Aslanbayli said the company did not plan to stop platforms for planned maintenance this year. BP, which also produces oil in Azerbaijan, last year started production at a new Azeri Central East (ACE) offshore platform in the Caspian Sea. The new development aims to help counter a decline in output at the Azeri–Chirag–Gunashli (ACG) complex of offshore oilfields, also operated by BP, which has passed its peak of 50 million metric tons, or 1 million barrels per day (bpd), in 2010. Azerbaijan's oil output is expected to be 29 million tons per year both in 2024 and 2025, or 580,000 bpd. Aslanbayli said АСЕ produced 4 million barrels (10,000 bpd on average) in 2024 and it will increase output as more wells are drilled in 2025. "This is helpful, as we work to slow down the natural decline and maximize recovery from ACG," he said. here.
Shafaq News
26-01-2025
- Business
- Shafaq News
Iraq blames foreign operator for Rumaila fire
Shafaq News/ A fire at Iraq's Rumaila oil field disrupted exports and caused extensive damage, with lawmakers blaming the incident on negligence by the foreign operator managing the field. Ali Shaddad, a member of Iraq's parliamentary Oil and Gas Committee, said the fire broke out on Friday in a decommissioned storage tank at the field's fifth gas separation station (DS5) in northern Rumaila. The blaze, which lasted several hours, forced a complete shutdown of the station and resulted in the loss of an estimated 180,000 to 200,000 barrels of oil from Iraq's export capacity. 'Preliminary findings show negligence by the foreign operator, which instructed employees to activate a storage tank that had recently undergone maintenance but was out of service,' Shaddad told Shafaq News. He added that while there were no fatalities, initial reports of worker injuries and the financial impact highlight broader safety concerns. According to the safety department at Rumaila, the fire ignited around 1:30 p.m. and was contained by 5:30 p.m. after extensive firefighting efforts involving 20 fire trucks. Workers were evacuated, and adjacent tanks were cooled to prevent further escalation. 'The infrastructure at Rumaila lacks modern safety systems, making it vulnerable to similar incidents,' Shaddad warned, adding that Iraq's parliamentary oil and gas committee will act after the investigation concludes. The Oil Ministry confirmed that the fire occurred as crude oil was introduced into Tank No. 2 at DS5, a tank recently rehabilitated by an Egyptian company. Petroleum experts said operational errors were likely responsible for the explosion, noting that such incidents were more common in the past but are increasingly rare with modern safety standards. Rumaila, one of the world's most productive oilfields and a vital source of revenue for Iraq, is operated by a BP-led consortium.
