BP and partners have sanctioned the Azeri Central East (ACE) project in the Azerbaijan sector of the Caspian Sea.
Turan Drilling & Engineering, a joint venture from Aberdeen-based KCA Deutag, has won a £382.5million contract with BP.
BP Plc and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start.
BP said today that the second topsides unit for its Shah Deniz Stage 2 project has been installed in the Caspian Sea.
Five offshore workers in Azerbaijan have been injured following after a seismic vessel crashed into a platform in the Caspian Sea.
The Asian Development Bank (ADB) will provide a $500million loan to support the Shah Deniz 2 gas project in the Caspian Sea, the Azeri finance ministry said.
Engineering services firm EnerMech said today that it had won £40million worth of contracts in the Caspian region.
Aberdeen oil and gas engineering firm EnerMech said yesterday its cranes and lifting division had enjoyed an £85million boost from contract wins, extensions and renewals.
Lukoil said commercial production has started at the Vladimir Filanovsky field in the Caspian Sea.
An offshore oil platform has caught fire and had to be evacuated.
Tethys Petroleum has parted company with chief financial officer Denise Lay, who has been made redundant following her decision not to relocate from the Caspian-focused firm's former head office in Guernsey.
Nostrum Oil has blamed unrealistic expectations by the board of the Tethys Petroleum for the failure so far of a deal to acquire the Caspian-focused oil company.
Reduced production and a tumbling oil price have hit Nostrum Oil and Gas profits in the first half of 2015.
Russian producer Lukoil has sold its 50% share in Caspian Investments Resources to China's Sinopec for $1.08billion.
A strong gas performance and focus on cutting costs delivered encouraging second quarter performance for Tethys Petroleum, the Caspian focused producer said, despite reporting a spiked loss.
Russian producer Lukoil has passed the five million tonnes (38.6 million barrels) mark in oil production at the Yuri Korchagin field in the Caspian Sea.
BP Plc has no shortage of challenges: adapting to lower oil prices, dealing with the legal fallout from 2010’s Gulf of Mexico spill and managing the largest foreign investment in Russia. Chief Executive Officer Bob Dudley can add another to the list: extending an agreement with Azerbaijan to manage the country’s largest oil project, fields accounting for about 4 percent of the London-based company’s global production. Dubbed the “contract of the century,” BP signed a deal to develop the fields in 1994 as an independent Azerbaijan emerged for the chaotic collapse of the Soviet Union.