SOCAR submitted a proposal to Russian Gazprom to purchase from 3 to 5 billion cubic meters of gas a year.
The oil market has given positive signal to oil producers with a slight increase in crude price as the most anticipated Doha meeting is nearing.
Although Saudi Arabia announced that it will not put a brake on its oil output unless Iran and others agree to join in, analysts are still optimistic about the upcoming Doha meeting and expect oil production cut.
With the oil prices that have gone below $40 a barrel there is a risk for them in the near term to drop even lower, Ole Hansen, Head of Commodity Strategy in Saxo Bank told Trend on March 30.
Azerbaijan and Indonesia are developing a memorandum of understanding to further deepen cooperation in the energy and mineral resources sectors.
Azerbaijan’s state oil company SOCAR will produce about 3,650 tons of oil annually through commissioning of a new well being drilled at the Oil Rocks offshore field in the Caspian Sea.
The oil market experts weren’t exactly happy with the oil production freeze idea that would keep the prices on the January-2016 level. Some called it pure theatrics, while others thought it was just a temporary measure to stabilize the market […]
Azerbaijan’s state oil company SOCAR will use a suite of Honeywell UOP technologies to modernize its oil refinery in Baku, to produce high-quality gasoline that meets stricter emission standards, Honeywell (HON) reported.
Even as the oil price dwells at levels not seen since the peak of the financial crisis, many analysts and investors are repeating a new crude undersong: crude price will be lower for longer.
The government of Indonesia has encouraged the country’s state oil and gas company Pertamina to invest in Azerbaijan’s oil and gas projects.