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
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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