• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 6 hours Could Venezuela become a net oil importer?
  • 44 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 10 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 15 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 10 hours Why is permian oil "locked in" when refineries abound?
  • 6 hours Gazprom Exports to EU Hit Record
  • 54 mins Oil prices going down
  • 6 hours Oil Buyers Club
  • 6 hours Could oil demand collapse rapidly? Yup, sure could.
  • 8 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 4 hours Saudi Arabia turns to solar
  • 1 day Teapots Cut U.S. Oil Shipments
  • 9 hours EVs Could Help Coal Demand
  • 23 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 1 day Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 16 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
OPEC Meeting Could End Without Decision

OPEC Meeting Could End Without Decision

The current disunity in OPEC…

U.S. Overtakes Saudi Arabia In Recoverable Oil Reserves

U.S. Overtakes Saudi Arabia In Recoverable Oil Reserves

The United States has overtaken…

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