• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 2 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 1 day Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 2 hours Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 19 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 6 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 2 days As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 1 day The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 2 days Never Knew Gasoline Prices were this important!
  • 1 day Plants are Dying
  • 6 hours Emmissions up, renewables nowhere
  • 1 day We Are Better Than This
  • 3 hours Middle East on brink: Oil tankers attacked off Oman
  • 1 day (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
Oil Markets Shrug Off Gulf Of Oman Tanker Attacks

Oil Markets Shrug Off Gulf Of Oman Tanker Attacks

Tensions in the Middle East…

Oil Plunges On Fears Of Weak Demand

Oil Plunges On Fears Of Weak Demand

Oil prices fell another 4%…

Azerbaijan’s Energy Minister Dies

Baku

Azerbaijan’s Energy Minister Natig Aliyev died on Friday in Turkey, and his body will be flown to Azerbaijan’s capital Baku on Saturday, Upstream Online reports, quoting the Azeri Energy Ministry as saying.

Oil and gas industry veteran Aliyev, 69, suffered a cardiac arrest last weekend in Baku, according to the ministry. Earlier this week, Azeri media reported that Aliyev was hospitalized in Baku due to heart problems, and was in a serious but stable condition.

Aliyev was later flown to an Istanbul hospital, where he died on Friday.

Aliyev had served as Azerbaijan’s energy minister since 2005.

Before that, he was chairman of state energy company SOCAR, and took active part in the negotiations for Azerbaijan’s first offshore Production Sharing Agreement (PSA) with western majors.

Azerbaijan and a consortium of foreign oil companies signed back in 1994 a 30-year PSA for the Azeri-Chirag-Deepwater Guneshli (ACG) field. Foreign partners in the venture—alongside SOCAR’s 11.6 percent interest—include BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO, ITOCHU, and ONGC. BP, which holds a 35.8 percent stake in the venture, is operator of the field.

In the first quarter of this year, total production at Chirag was on average 55,000 barrels per day (bpd), according to BP.

Azerbaijan, which is part of the OPEC/non-OPEC production cut deal, continues to stick to its commitment to cut 35,000 bpd of its output, the energy ministry said earlier this week. Azerbaijan has submitted its output and exports figures for May to OPEC’s Joint Ministerial Monitoring Committee, with data showing production at 785,300 bpd in May, including 55,000 bpd of condensate. Azerbaijan exported 596,500 bpd of crude oil, 55,000 bpd of condensate, and 12,200 bpd of oil products last month, according to its energy ministry.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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