President of Azerbaijan Hails his Nation's Recent Energy Industry's Mass Development and Success
Azerbaijan (PRWEB UK) 25 July 2013 -- An important strategic opening to the West, Azerbaijan alone holds 30 million cubic feet of natural gas 7 billion barrels of oil. Just 120km off the coast of Azerbaijan, the Azeri-Chirag-Gunashli (ACG) field contains 5.4 billion barrels of recoverable oil and between January and May this year, 2013, Azerbaijan produced 18.1 million tonnes of oil.
Domestic demand for oil in the Azerbaijan market has risen enormously, by 8.8 percent between 2011-2012, and has increased by almost 9 percent since the beginning of 2013. Azerbaijan has so successfully invested in its infrastructure that Charles Hendry, of the UK Department for Energy and Climate Change, has hailed Azerbaijan as a major Oil and Gas player, whilst the nation's President has lauded the energy sector's developments.
International investors have been quick to note the region's potential. Rosneft, Russia's largest oil company, and SOCAR (the State Oil Company of the Azerbaijan Republic have joined forces. Indian ONGC Videsh bid for Azeri Light Crude in July.
“The total amount of foreign capital in Azerbaijan in direct investments hit $1.4 billion in January-March 2013. The share of the oil and gas sector stood at 83.2 percent.”
In the same period,
“In January-March 2013, Azerbaijan exported $7.4 billion worth of petroleum products. The share of refined oil products totalled $0.4 billion, while oil exported by the country was worth $7 billion.”
In July 2013, the UK Prime Minister, David Cameron, paid a landmark visit to Kazakhstan with the view to encourage trade relations between the two nations, particularly oil and gas. Turkmenistan, which holds the world's fourth largest natural gas reserves, hopes to begin production at the second-largest gas field worldwide, Galkynysh. Cline & Associates estimates Galkynysh reserves to hold between 13.1 trillion to 21.2 trillion cubic metres. If successful, Turkmenistan's increased exports would help Europe to lessen its energy dependence on Russia.
The 3-day Azerbaijan and Caspian Sea Oil & Gas Summit 2013, aims to bring together some of the world's leading industry players to discover the latest investment opportunities and strengthen industry ties. Delegates will include Energy ministers, senior Oil and Gas company representatives, Contractors, Service Companies and Solution-providers, and is therefore an event not to be missed. Speakers will be addressing the Caspian energy industry's most topical issues, including: Current Pipeline and Infrastructure Projects, Future Gas Storage and Pipeline Projects, Exploration and Production Developments in the Shah Deniz Field and Underwater and Deep-Sea Technology Focus as well as a series of Case studies.
Furthermore, delegates will have the chance to attend a Multi-Streamed Conference, Networking Evening, and 40 booth interactive exhibition, all in the comfort of the five-star venue in Baku. A Business Match-Making Service will also be on offer to arrange one-on-one meetings between delegates.
Christian Giudicelli, General Manager, Total E&P Azerbaijan; Okan Yardimci, Energy Expert, Energy Market Regulatory Authority Turkey (EMRA); Gulmira Rzayeva, Leading Research Fellow, Energy Related Issues, Center for Strategic Studies under the President of the Republic of Azerbaijan; Vadim Ceban, Interim Head of Energy Department, The Ministry of Economy Commerce (Moldova) and a Senior Representative, European Bank of Reconstruction & Development (Azerbaijan), are just some of the industry experts that will be speaking at the event.
To register or for further information on the Azerbaijan and Caspian Sea Oil & Gas Summit 2013, 11-13 November, Baku, Azerbaijan, please contact:
Charlotte Paige-Smith
charlotte(at)oliverkinross(dot)com
Abigail Jackson-Houlston
abigail(at)oliverkinross(dot)com
Notes to Editors:
Headquartered in the United Kingdom, Oliver Kinross is an internationally operating business research organisation.
Oliver Kinross was founded in January 2008 with the aim of delivering high quality training, business intelligence and networking opportunities for industry. This is achieved through a series of Conferences, Summits, Exhibitions and Training Workshops attended by many of the world’s largest organisations. The main industries in which Oliver Kinross operates are European Energy Trading, Cyber Security, Africa, Oil & Gas Exploration & Production, Smart Energy, International Development & Infrastructure.
Since 2008 Oliver Kinross has achieved a track-record of running successful market leading events and has achieved consistent year-on-year growth. It attributes this success to a combination of factors, including: the pursuit of running events in the world’s fastest growth & frontier markets, a commitment to ensuring all events are of the highest quality, and a belief that its staff are its greatest asset.
References:
http://www.offshore-technology.com/projects/acg/
http://news.az/articles/economy/80513
http://en.apa.az/news/196651
http://www.azernews.az/business/55375.html
http://www.azernews.az/business/55375.html
http://www.oilandgaseurasia.com/news/turkmenistan-has-high-hopes-giant-gas-field-nears-output
Charlotte Paige-Smith, Oliver Kinross Ltd, http://www.africamiddleeastsummit.com/, +44 (0) 207 628 5625, [email protected]
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