Topaz Energy & Marine to deliver new vessels to BP for operations in Azerbaijan
Topaz Energy Marine will deliver BP two vessel for the oil platform maintenance (PSV) in the Azerbaijani sector of the Caspian Sea, reported Trade Arabia on Monday.
According to the same report, total cost of the contract is $100 million. The vessels must be delivered to BP in quarter 4, 2013 and in quarter 2, 2014.
The vessels will be used by the British company to support operations on the Azeri-Chirag-Guneshli (ACG) bloc of oil and gas fields and Phase 2 of the Shah-Deniz gas condensate field development.
BP is the main foreign oil investor in Azerbaijan and it operates the projects to develop ACG and Shah-Deniz fields.—0—
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review