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2017-09-20 08:35:00

BP - AZERBAIJAN OIL DEAL

BP - AZERBAIJAN OIL DEAL

PLATTSBP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

The Azeri-Chirag-Deepwater Gunashli (ACG) complex in the Caspian Sea produces most of Azerbaijan's sought-after crude oil.

At the time of the signing of the original production sharing contract in 1994, it was seen as a major advance by the international oil industry into the former Soviet state, dubbed the "contract of the century."

Output has been declining for a number of years, however, falling particularly steeply in the first half of this year -- by 11% compared with a year earlier -- to 585,000 b/d, despite the startup of a new platform in 2014 at a cost of $6 billion.

Under Thursday's deal, the international companies will pay a $3.6 billion bonus to the state oil fund over a number of years. The international partners comprise BP, currently with a 35.8% stake; Chevron with 11.3%; Japan's INPEX with 11%; Norway's state-controlled Statoil with 8.6%; ExxonMobil with 8%; Turkey's TPAO with 6.8%; Japan's ITOCHU with 4.3%; and India's ONGC Videsh with 2.7%.

The extension of the production sharing contract, which was to expire in 2024, was seen as necessary to ensure continued investment.

The altered shareholder structure also gives SOCAR a greater share of production and greater spending obligations as its stake in the consortium rises from 11.6% to 25%.

Total operating costs last year for ACG were $503 million, and capital expenditure was $1.45 billion.BP said the deal would enable the partners to access an additional 2 billion barrels of economically recoverable oil from the end of the current version of the production sharing contract.

The partners will carry out preliminary engineering work to evaluate the possible addition of another platform, it added.

The deal cuts BP's stake by 5.43% to 30.37%, with corresponding reductions for the other partners.

SOCAR Chief Executive Rovnag Abdullayev said it reflected the "growing financial and technological potential of Azerbaijan and SOCAR."

Although the foreign partners will get a lower share of production, their share has risen somewhat since oil prices collapsed in 2014 because the production sharing contract entitles them to more barrels when oil prices are lower, to cover their costs.

BP's annual reports show it received just 13.5% of total liquids production from ACG and the Shah Deniz gas and condensate field in 2013, or 96,000 b/d, but its share rose to 16.2%, or 111,000 b/d, in 2015, even though total liquids production in that period fell by 3.5%.

BP's current 35.8% stake, which has made it by far the dominant commercial presence in Azerbaijan, partly reflects its 1998 purchase of legendary US company Amoco, which held an almost equal stake to BP at the original production sharing contract signing, with Amoco on 17.01% and BP on 17.12%.

WIDER INTERESTS

Production decline at the field was long expected, but has been a source of tension, prompting a public outburst by President Ilham Aliyev reprimanding BP in 2012.

While Thursday's agreement diminishes its role, BP is also focused on other interests in Azerbaijan, not least the giant Shah Deniz 2 gas development, which is intended to supply the Southern Corridor, delivering gas to Europe from 2020.

"Today's contract is perhaps an even more important milestone in the history of Azerbaijan as it ensures that over the next 32 years we will continue to work together to unlock the long-term development potential of ACG through new investments, new technologies and new joint efforts to maximise recovery," BP Chief Executive Bob Dudley said.

One result of decline at ACG has been the under-utilization of the Baku-Tbilisi-Ceyhan pipeline across the Caucasus mountains to Turkey's Mediterranean coast.

The pipeline operated at a little over half its 1.2 million b/d capacity in the first half of this year.

The pipeline may eventually be used to transport more of Kazakhstan's burgeoning production, and is seen as an emergency backup to the CPC route that brings most of Kazakhstan's production to international markets across Russian territory.

But so far, Kazakh volumes via the route remain minimal.

Statoil, which sees its stake cut from 8.56% to 7.27% and has already exited Shah Deniz, said the extension "represents a major milestone for Statoil and all the participating companies, which will continue generating value from the asset for many decades to come."

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Earlier:

BP: 

   

 AZERBAIJAN:

 BP ARGENTINIAN TANGO
September, 18, 12:15:00

BP ARGENTINIAN TANGO

BP has agreed with Bridas Corporation to form a new integrated energy company by combining their interests in the oil and gas producer Pan American Energy and the refiner and marketer Axion Energy in a cash-free transaction. The new company, Pan American Energy Group, will be the largest privately-owned integrated energy company operating in Argentina.

     SOUTHERN GAS CORRIDOR DIFFICULTIES
September, 26, 18:40:00

SOUTHERN GAS CORRIDOR DIFFICULTIES

The $45bn complex pipeline project running from Azerbaijan to Italy and consisting of four mega projects – Shah Deniz 2, South Caucasus Pipeline expansion (SCPX), Trans-Anatolian Pipeline (Tanap), and the Trans-Adriatic Pipeline (TAP) – would be delivered and will come in under budget, eventually delivering 16-32bn m³/yr.

 BP PROFIT $553 MLN
August, 3, 12:05:00

BP PROFIT $553 MLN

“We continue to position BP for the new oil price environment, with a continued tight focus on costs, efficiency and discipline in capital spending. We delivered strong operational performance in the first half of 2017 and have considerable strategic momentum coming into the rest of the year and 2018, with rising production from our new Upstream projects and marketing growth in the Downstream.”

     IMF BOUGHT AZERBAIJAN
September, 16, 18:00:00

IMF BOUGHT AZERBAIJAN

Executive Directors welcomed the steps the authorities have taken to adjust to the decline in oil prices and weaker growth in trading partners. However, they noted that the difficult external environment could hamper macroeconomic outcomes in the near term. While Azerbaijan’s policy buffers remain substantial, the balance of payments, fiscal position, and banking system would likely remain under pressure as the economy continues to adjust. Accordingly, Directors stressed the need to press ahead with reforms to secure macroeconomic and financial stability and promote a diversified and private sector-led economy.

 BP: EXCELLENCE, SUSTAINABILITY, COLLABORATION
July, 14, 09:40:00

BP: EXCELLENCE, SUSTAINABILITY, COLLABORATION

I think there are three areas where we should focus our efforts. The first is excellence in our operations, or as this session’s title puts it, leadership in responsible operations. The second, is sustainability in our products - fully realising the benefits of both natural gas and renewables as well as our Downstream product range. And the third is collaboration, or simply working together, in our partnerships - the kind of working together that makes new things happen and drives real change.

     AZERBAIJAN & CHINA  OPPORTUNITIES
August, 8, 18:35:00

AZERBAIJAN & CHINA OPPORTUNITIES

China is a huge opportunity and a priority market for Azerbaijan. More than 50 agreements have been signed between the two countries so far. Azerbaijan Export and Investment Promotion Foundation has recently opened a representative office in China to support and encourage relations between the two countries' businessmen, as well as expand Azerbaijan's exports to the Chinese market and attract China's leading investment funds to the Azerbaijan economy.

 BP ENERGY REVIEW
June, 21, 11:25:00

BP ENERGY REVIEW

Bob Dudley, BP group chief executive, said: “Global energy markets are in transition. The longer-term trends we can see in this data are changing the patterns of demand and the mix of supply as the world works to meet the challenge of supplying the energy it needs while also reducing carbon emissions. At the same time markets are responding to shorter-run run factors, most notably the oversupply that has weighed on oil prices for the past three years."

     IRAN & AZERBAIJAN COOPERATION
August, 8, 18:30:00

IRAN & AZERBAIJAN COOPERATION

During the visit, President Rouhani attended trilateral talks among Iran, Russia and Azerbaijan and conferred with his Russian and Azeri counterparts on expansion of trilateral cooperation in commerce, energy, telecommunications, environment, fight against terrorism, transportation and transit of goods.

 BP'S PROFIT $1.5 BLN
May, 2, 16:05:00

BP'S PROFIT $1.5 BLN

"Our year has started well. BP is focused on the disciplined delivery of our plans. First quarter earnings and cash flow were robust. We have shown continued operational momentum - it was another strong quarter for the Downstream and the first of our seven new Upstream major projects has started up, with a further three near completion. We expect these to drive a material improvement in operating cash flow from the second half."

     WBG BUYS AZERBAIJAN
June, 22, 18:15:00

WBG BUYS AZERBAIJAN

With oil prices forecast to remain low, Azerbaijan’s growth and fiscal position are likely to weaken further in 2016, posing significant risks. Financial sector vulnerabilities and an underdeveloped macroeconomic policy framework are further adding to the country’s challenges.

 BP SELL REFINERIES
March, 29, 18:30:00

BP SELL REFINERIES

Refining of crude oil into fuels such as gasoline, diesel and jet fuel has for years been the industry's problem child, having to grapple with weak and volatile profit margins as well as competition from modern refineries built in China, India and the Middle East.

     AZERBAIJAN NEED $30 BLN
June, 22, 18:10:00

AZERBAIJAN NEED $30 BLN

Azerbaijan is hoping in the best case for profits in excess of $50bn from the Southern Gas Corridor (SGC). State oil company Socar told that even the gloomiest outlook showed that Azerbaijan’s share in the profit of SGC would be at least $30bn over the 25 years' duration of the sales and purchase agreements.

 BP'S GROWTH
March, 2, 19:30:00

BP'S GROWTH

Bob Dudley said: “In six years we have fundamentally reshaped and built a very different BP. We are now stronger and more focused - fully competitive and fit for a fast-changing future. “We have proven financial discipline, clear plans in action and have built a distinctive portfolio which gives us a strong platform for growth, now and into the future. Striking a balance between short and long-term value, our recent acquisitions and agreements have strengthened this even further. “We can see growth ahead right across the Group. While always maintaining our discipline on costs and capital, BP is now getting back to growth – today, over the medium term and over the very long term.”

     AZERBAIJAN AIMS FOR 50 BLN
May, 12, 20:10:00

AZERBAIJAN AIMS FOR 50 BLN

Azerbaijan can boost annual gas exports to 50bn m3 by 2050, deputy energy minister Natig Abbasov said recently.

 

 

 

Tags: BP, AZERBAIJAN, OIL, SOCAR, STATOIL

Chronicle:

BP - AZERBAIJAN OIL DEAL
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

BP - AZERBAIJAN OIL DEAL
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

BP - AZERBAIJAN OIL DEAL
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

BP - AZERBAIJAN OIL DEAL
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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