Oil and Gas Industry Latest News

16.04.2014 Russia’s Lukoil sells 50% in Caspian Investment Resources to Sinopec

Vagit Alekperov, Lukoil President, signed a purchase and sale agreement on April 15 that allows the company to sell its 50-percent stake in the Caspian Investment Resources Ltd to China’s Sinopec, Lukoil’s press office has said.

15.04.2014 Kazakhstan to offset Kashagan oil field failure

Kazakhstan wants to offset the possible failure of the Kashagan oil project to produce this year by increasing output at other projects by at least 1.5 million tonnes (30,000 barrels per day), the Kazakh economy minister said on April 14, Reuters has reported.

14.04.2014 Kazakhstan to look into coal methane – deputy minister

Kazakhstan is studying opportunities linked to coal methane in the Karaganda basin, the Kazakh deputy minister for industry and new technologies, Nurlan Sauranbayev, said at a round table on April 8.

14.04.2014 Oil pipeline leaks in south-western Iran

A crude oil pipeline in Gachsaran region in south-western Iran cracked on April 12 and large amounts of oil leaked out of the pipeline, Trend reported on April 13.

14.04.2014 Iran to resume oil swaps with Turkmenistan

Iran will start swapping Turkmenistan's oil products by the next four months, Trend reported on April 13.

14.04.2014 Turkmenistan prioritises gas contracts with Russia and Iran

Turkmen President Gurbanguly Berdimuhamedov stressed at a special meeting of the oil and gas industry that first of all, it is important to ensure supplying gas to the foreign markets in the volumes stipulated by the agreements signed with Russia and Iran, the Turkmen go

14.04.2014 Kazakhstan’s KMG says no change in reserves of its subsidiaries in 2013

KаzМunaiGasExploration Production (“KМG EP” or the “Company”) announced on April 11 the results of the reserves audits at 31 December 2013 performed by the independent consultant MillerandLents, Ltd.

11.04.2014 Kazakhstan discusses future of Tengiz field

Tengizchevroil LLP (TCO) on April 10 hosted a Suppliers Forum to provide Kazakhstani suppliers of goods and services information on TCO’s Future Growth Project-Wellhead Pressure Management Project (FGP-WPMP), the next major expansion of Tengiz, Tengizchevroil press offic

11.04.2014 Gazprom buys Kyrgyz gas company

On April 10 in Bishkek, in the presence of Kyrgyz President Almazbek Atambayev, the Gazprom Management Committee Chairman Alexey Miller and the Kyrgyzgaz Director General Turgunbek Kulmurzaev signed a Sales and Purchase Agreement for a 100 per cent stake in KyrgyzgazProm

10.04.2014 Kazakhstan discusses incentives for foreign investors

The preferences and privileges for foreign investors who decided to begin exploration in the country are being discussed in Kazakhstan, head of the "Society of Petroleum Geologists of Kazakhstan" Baltabek Kuandikov told the media on April 8, Trend reported on April 9.