July 28, 2022
Aquaterra Energy has been awarded a high-pressure high temperature subsea riser contract with oil and gas operator, Umid Babek Operating Company (UBOC), for the exploration of its HP well on the Babek project in Azerbaijan.
April 13, 2022
A new joint venture between EnerMech and Oil & Gas Proserv, an affiliated company of Nobel Energy Group in Azerbaijan, has secured its first two contracts in the region totaling $3 million.
February 20, 2021
Hayal Ahmadzada, Socar’s chief trading officer, said the glut of excess oil stocks that built up in 2020 in response to the pandemic will be fully drawn down by the summer. At the same time, soaring prices for steel used in pipes, wells and fittings as well as the high cost of capital for producers will crimp a meaningful supply response by an already hobbled industry even as demand returns.
February 08, 2021
Turkey’s state-owned oil and gas company is considering partnerships and plans to raise funding this year to carry out work on the biggest natural gas discovery in the Black Sea, according to people with knowledge of the matter.
September 28, 2020
The conflict centers on the Nagorno-Karabakh region claimed by both countries. In theory, it has the potential to disrupt oil and gas flows from Azerbaijan, since export pipelines from the Caspian Sea region’s second-biggest crude producer run within just 10 miles of its border with Armenia.
February 2019
Rising oil supplies and falling prices in second-half 2018 constrained global drilling, but activity should post a measured gain in 2019. Virtually all the global oil production increase is due to U.S. shale activity.
January 2017
Hurricane force winds led to a multi-well fire on a 30-well production platform. In spite of continuing adverse conditions, well control specialists were able to safely extinguish the blaze in 64 days, 25 of which were non-productive due to the weather.
Connect with World Oil
Connect with World Oil, the upstream industry's most trusted source of forecast data, industry trends, and insights into operational and technological advances.