Day: May 13, 2024

In the first quarter of this year, operations at the Azeri-Chirag-Guneshli (ACG) oil field received significant financial allocations, according to Azerbaijan in Focus, reporting Azernews, citing bp’s quarterly report on Azerbaijan operations.

Approximately $115 million was earmarked for operating costs, while $347 million was allocated for capital expenses, totaling $462 million for ACG activities during the quarter. This expenditure reflects a commitment to advancing operations in the region.

The report emphasizes the sustained and secure production from ACG throughout the first three months of 2024. With an average daily production of 339,000 barrels, equivalent to around 31 million barrels (4 million tons) for the quarter, production was sourced from multiple platforms including Chirag, Central Azeri, West Azeri, East Azeri, Deepwater Guneshli, and West Chirag.

At the end of the quarter, ACG operated 139 oil production wells, 43 water injection wells, and 8 gas injection wells, showcasing the robustness and operational efficiency of its infrastructure.

Furthermore, the report highlights the completion of three oil production wells and one water injector well during the first quarter, indicating ongoing efforts to enhance production capabilities and optimize reservoir management strategies within the ACG field.

The Azeri-Chirag-Guneshli (ACG) oil field, located in the Caspian Sea offshore Azerbaijan, is one of the largest and most significant oil-producing assets in the region. Discovered in the early 1990s, the field has been a key driver of Azerbaijan’s oil and gas industry, contributing significantly to the country’s economy and energy security.

Since its inception, the ACG field has been developed and operated by a consortium of international oil companies, with BP being the operator. The consortium includes leading energy companies such as Chevron, INPEX, Equinor, ExxonMobil, and SOCAR, Azerbaijan’s state oil company.

Over the years, the ACG field has undergone extensive development and expansion efforts, involving the deployment of advanced drilling and production technologies to maximize oil recovery and optimize operational efficiency. The field encompasses multiple platforms and infrastructure installations spread across various sectors of the Caspian Sea.

As one of the flagship projects in Azerbaijan’s energy portfolio, the ACG field has played a pivotal role in driving economic growth and attracting foreign investment to the country. Revenue generated from oil production at ACG has been instrumental in supporting infrastructure development, social programs, and economic diversification initiatives in Azerbaijan.

Against this backdrop, the recent financial allocations and operational achievements in the initial quarter of 2024 underscore the ongoing importance of the ACG field in Azerbaijan’s oil and gas sector. The substantial investments in operating costs and capital expenses reflect the consortium’s commitment to maintaining and enhancing production levels at ACG, ensuring continued revenue generation and economic prosperity for Azerbaijan.

Furthermore, the sustained production levels and operational efficiency demonstrated during the first quarter of 2024 highlight the ACG field’s resilience and long-term viability as a key asset in Azerbaijan’s energy landscape. With ongoing efforts to optimize reservoir management strategies and enhance production capabilities, the ACG field is poised to remain a cornerstone of Azerbaijan’s oil and gas industry for years to come.

The post Figures reported in ACG’s quarterly production reflect commitment to advancing operations appeared first on Azerbaijan In Focus.

The French Ministry of Foreign Affairs has surprisingly supported the negotiations between the Foreign Ministers of Azerbaijan and Armenia in Almaty, according to Azerbaijan in Focus, reporting Trend.

In its statement, Paris also urged for “the continuation of the border delimitation process based on agreed principles”.

The delayed reaction from Paris, considering that the agreement between Baku and Yerevan to commence the delimitation process – leading to the transfer of four villages in the Gazakh district to Azerbaijan – was reached as far back as April 19, speaks volumes.

France has long lost any sway over the negotiation process in the South Caucasus due to its firmly pro-Armenian stance. Therefore, it’s no surprise that Paris isn’t pleased with the progress in normalizing relations between Baku and Yerevan.

Given recent events such as the recall of the French ambassador from Baku, accusations against Azerbaijan of actions allegedly damaging relations with Paris, and a spy scandal, such statements come off as insincere and pointless.

Baku’s position is crystal clear – there’s no room for third parties in negotiations with Yerevan. And even in Armenia, this understanding seems to be taking hold. All that remains is for the Élysée Palace to come to terms with these new realities.

The post France’s unexpected support for progress in Baku-Yerevan talks – what’s in it for Paris? appeared first on Azerbaijan In Focus.

Kestutis Jankauskas, the EU Ambassador to Kazakhstan, noted in an interview that the coordination platform for the Trans-Caspian International Transport Route (TITR, or Middle Corridor) will launch soon, according to Azerbaijan in Focus, reporting Trend.

“Trans-Caspian International Transport Route allows freight to pass sanctions-free countries between Europe, Central Asia, the EU, and China. Its infrastructure will increase, making deliveries faster than the sea route. Last year, the European Bank for Reconstruction and Development introduced an EU-funded study on Middle Corridor hard and soft bottlenecks. The EU convened a Corridor investment forum in Brussels in January 2024 for all countries and potential funders. Infrastructure improvements were promised 10 billion euros. A TITR coordination platform will soon unite all route players,” he said.

According to the ambassador, for the Middle Corridor to function properly and offer a viable alternative transportation route, all countries along it should work together, enabling smooth shipment procedures. That involves not only countries in Central Asia, but also Azerbaijan, Georgia, Armenia, and Türkiye.

Jankauskas also noted that Kazakhstan is at a crossroads between Europe, Asia, the European Union, and China.

“Kazakhstan is nestled between Europe, Asia, and China. Most China-EU land cargo passes through Kazakhstan. Much of this trade moved through Russia via the Northern Route for decades. After Russia invaded Ukraine and the EU imposed sanctions, some corporations moved their logistic activities out of sanctioned countries. Trans-Caspian International Transport Route development accelerated. This approach allows EU-Central Asia trade and speedier cargo transit between China and Europe than via water,” Jankauskas said.

As the ambassador pointed out, according to several studies, there is a huge potential to at least triple the traffic through this corridor by 2030.

“This would help to better connect Kazakhstan to the global economy and contribute to economic growth in the region. Kazakhstan is working on several projects simultaneously to provide better services along the Middle Corridor,” he noted.

Speaking about energy cooperation between Kazakhstan and the EU, the ambassador noted that Kazakhstan has been an energy partner of the EU for decades, currently supplying over 8 percent of the EU’s oil consumption.

“This became even more important after Russian oil stopped coming to the EU market. The majority of that oil flows via CPC pipeline, and the EU exempted oil not originating from Russia from its sanctions. Kazakhstan is trying to diversify its oil supplies to Europe and world markets. One of the ways is to ship it via the Caspian Sea and Azerbaijan. The amount of Trans-Caspian oil transit has been growing during the last two years, but its amount is limited due to the lack of port and shipping infrastructure. Developing and having alternative export routes is always important,” the ambassador said.

Jankauskas noted that the EU is interested in expanding cooperation with Kazakhstan in the field of renewable energy sources.

“As the EU moves away from fossil fuels, we want to work with Kazakhstan on renewable energy and green technologies. Kazakhstan is abundant in solar and wind power. So far, it has implemented certain renewable power producing facilities with European investors,” he said.

According to the ambassador, one of the largest is the German-Swedish SVEVIND project to produce green hydrogen in the Western Mangystau region of Kazakhstan.

“Within two years, it will supply Kazakhstan with green hydrogen to boost its global competitiveness and send green energy to Europe. So, project success depends on the Trans-Caspian corridor,” Jankauskas noted.

He pointed out that European companies are also successfully developing renewable wind or solar projects in Kazakhstan.

“The Team Europe Initiative on Water, Energy and Climate, which bundles activities from Member States and the EU in Central Asia, will start its implementation with a first 20 million euro program and support regional energy cooperation and grid development. Our experience in Europe shows that such cooperation will stimulate the green transition and the reduction of emissions,” he added.

Speaking in general about current and possible areas of cooperation, the ambassador noted that the EU-Kazakh Enhanced Partnership and Cooperation Agreement provides a legal base for cooperation in 29 areas.

“Over the last several years, trade cooperation between the EU and Kazakhstan has been growing. While energy, including renewables, remains the largest area of cooperation, there is a growing potential for cooperation in the area of critical raw materials, as provided by the bilateral memorandum signed in November 2022,” he said.

According to the ambassador, agriculture and water management offer good investment opportunities.

“Development of the Trans-Caspian International Transport Route is expected to attract cargo flows from all the countries of Central Asia and to provide not only for transit but also for transport and logistic hub development. The advancement of aviation will enable better people-to-people contacts in business, education, and tourism. Our Digital Satellite Connectivity Project will provide alternative connectivity and better internet to remote villages,” he noted.

Jankauskas pointed out that the EU and Kazakhstan established diplomatic relations 31 years ago, and since then, the sides have been developing mutually beneficial partnerships. Over the years, the EU has become Kazakhstan’s largest trading partner and the biggest investor in the country.

“In 2007, the European Union adopted its first strategy on Central Asia, which was updated in 2019. Both the EU and Central Asia share strong common interests in prosperity, connectivity, energy, and security. Kazakhstan was the first country in Central Asia to sign a new generation Enhanced Partnership and Cooperation Agreement (EPCA) with the European Union in 2015. It has been fully in force since 2020 and provides a legal base for deepening and widening cooperation in 29 areas of political, social, and economic life,” he said.

Jankauskas noted that during the past three decades, the EU has implemented a variety of projects to advance our mutual relations as well as the security and stability of the countries in Central Asia: border management, rule of law, fight against smuggling, water management, green transformation, energy efficiency, promotion of interregional trade and trade with the EU, SMEs, education, strengthening resilience, and human capital development.

The post EU ambassador: Coordination Platform for Middle Corridor to launch soon appeared first on Azerbaijan In Focus.

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