Weekly HEG Global Energy Digest

Oil:

Iran wants to form common oil company with Azerbaijan

Iran wishes to create a joint oil firm together with Azerbaijan. Amir Hossein Zamaninia, the Islamic Republic’s Deputy Oil Minister for International and Commercial revealed that the company will be formed within the framework of an agreement recently inked between the two parties.

Iran wishes to create a joint oil firm together with Azerbaijan. Amir Hossein Zamaninia, the Islamic Republic’s Deputy Oil Minister for International and Commercial revealed that the company will be formed within the framework of an agreement recently inked between the two parties.

The Memorandum of Understanding on Joint Development of Relevant Blocks in the Caspian Sea was signed between the two countries last month, during a visit of Iran’s President Hassan Rouhani to Azerbaijan.

Zamaninia declared: “According to the signed document, a joint oil company should be established between the two countries, and we are now seeking to establish it.”

The official added that US withdrawal from the nuclear deal on Baku-Tehran oil collaboration will not affect the Iranian cooperation with Azerbaijan’s state oil firm SOCAR.

The top official put the state oil export level at 2.6 million per day, affirming that Iran’s oil export has witnessed major hike in current month compared to the last months.

 

Article Source: http://www.energymarketprice.com/energy-news/iran-wants-to-form-common-oil-company-with-azerbaijan

Natural Gas:

Russia’s Gazprom announces sea part of TurkStream first segment finished

Russia’s Gazprom announced on Monday it had finalized the sea portion of the first segment of the TurkStream offshore gas pipeline across the Black Sea.

Gazprom, which wants to achieve the pipeline in 2019, revealed that 1,161 km of pipe had been completed since it started construction in 2017.

The second line, aimed at conveying gas to south European nations like Greece, Bulgaria and Italy, will commence operations in the third quarter of 2018.

Russian Energy Minister Alexander Novak declared that Turkey’s authorization for Gazprom’s onshore part of the TurkStream pipeline’s second line was still pending.

Moscow, which depends on oil and gas profits, considers that new pipelines to Turkey and Germany – TurkStream and Nord Stream 2 – are vital to boost its market share in Europe.

Article Source: http://www.energymarketprice.com/energy-news/russia-s-gazprom-announces-sea-part-of-turkstream-first-segment-finished

Wind:

European Investment Bank will offer €50 million for the construction of nine wind parks in Spain

The European Investment Bank (EIB) alongside with the Investment Plan for Europe, has inked a €50 million loan accord to fund a wind power project developed by the Spanish company Forestalia Renovables.

Together with €120 million offered by a syndicate of commercial banks, the EIB loan will back the building and operation of nine wind plants with an overall capacity of 300 megawatts (MW).

Overall, 82 wind turbines with a total electricity generation capacity of more than 900 gigawatts-hours per year and no pollutant emissions will be released.

The EIB-funded project will also create 700 temporary work places during the construction stage and 50 permanent jobs when it becomes functional.

The loan will be offered by the EIB under the Investment Plan for Europe, known as the “Juncker Plan”.

Article Source: http://www.energymarketprice.com/energy-news/european-investment-bank-will-offer-%E2%82%AC50-million-for-the-construction-of-nine-wind-parks-in-spain

Oil:

Statoil begins construction works on Norway’s biggest oil line

Statoil made known on Monday that Italy’s Saipem has commenced operations to install Norway’s biggest crude oil pipeline, part of the Johan Sverdrup offshore expansion.

The 36-inch pipeline will traverse more than 280 kilometers out to the Johan Sverdrup field, in the Norwegian Continental Shelf. Around 660,000 barrels of crude will be delivered every day into the Mongstad terminal, north of Bergen, when the field is at peak production.

Geir Bjaanes, responsible for subsea, power and pipelines for the Johan Sverdrup project, declared: “The Castorone is now initiating pipelaying operations in the Fensfjord. The vessel will lay as much as 36,000 pieces of pipe – in total more than 400 km – when installing the oil and gas export pipelines for the Johan Sverdrup project. Assuming everything goes according to plan, the oil pipeline will reach the Johan Sverdrup field in July.”

Overall, approximately 230,000 tonnes of steel will be utilized, or around 360,000 tonnes if counting the weight of pipeline coating.

Johan Sverdrup is one of the five largest oilfields in the Norwegian Continental Shelf, with estimated recoverable resources of between 2.1-3.1 billion barrels of oil equivalent (bboe).

The field will be developed in several stages. Phase 1 is scheduled to start in late 2019, with production of 440,000 bpd.

Article Source: http://www.energymarketprice.com/energy-news/statoil-begins-construction-works-on-norway%E2%80%99s-biggest-oil-line

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