• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 1 min Indonesia Stands Up to China. Will Japan Help?
  • 10 hours Might be Time for NG Producers to Find New Career
  • 18 hours Shale Oil Fiasco
  • 2 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 10 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 19 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 1 hour Beijing Must Face Reality That Taiwan is Independent
  • 2 days Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 2 days Wind Turbine Blades Not Recyclable
  • 1 hour China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 18 hours US Shale: Technology
  • 2 days Denmark gets 47% of its electricity from wind in 2019
John Daly

John Daly

Dr. John C.K. Daly is the chief analyst for Oilprice.com, Dr. Daly received his Ph.D. in 1986 from the School of Slavonic and East European…

More Info

Oil Rich Azerbaijan Looking for Investors

Oil Rich Azerbaijan Looking for Investors

The prosperity of former republics of the USSR, which collapsed in December 1991, has primarily been driven by the development of energy resources in the post-Soviet era, notably around the Caspian. Out of the debris of the Soviet Union have arisen four petro-states ringing the Caspian – the Russian Federation, Turkmenistan, Kazakhstan and Azerbaijan.

The possibilities there have focused the attention of investors for the last twenty years. More than a decade ago Vice President Dick Cheney, then Halliburton CEO, remarked, "I can't think of a time when we've had a region emerge as suddenly to become as strategically significant as the Caspian."

While all four nations have their allure, none has gone further to attract Western investment than Azerbaijan. In September 1994 Azeri President Heydar Aliyev signed a $7.4 billion "deal of the century with 11 Western oil companies to develop a number of sites in both onshore and offshore Azerbaijan, including Chirag and the offshore Guneshli oil fields.

And the present? Future?

On 2 February State Oil Company of the Azerbaijani Republic (SOCAR) first vice president Hoshbakht Yusifzade said during an interview with the local press that hydrocarbon reserves in Azerbaijan are now estimated to be 10 billion tons oil equivalent (toe), remarking, "So far, recoverable oil and gas condensate reserves in Azerbaijan have been estimated at 2 billion tons, and gas at 2.55 billion cubic meters (bcm.) Now, oil and condensate…




Oilprice - The No. 1 Source for Oil & Energy News