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Oil & Gas

Davos oil view: Roubini to Kazakhstan agree rout can’t last

One thing that oil producers congregating in Davos agree on is that the oil rout can’t go much further. There’s less consensus about when the recovery will arrive. Officials from Kazakhstan and Nigeria to Azerbaijan and Saudi Arabia, speaking at the World Economic Forum, concur that the global glut will begin to dissipate this year as the lowest prices in 12 years force cuts in spending and production.

Oil & Gas

Caspian Energy resumes production from Kazakhstan field

Caspian Energy said it had produced positive results on two of its existing wells in Kazakhstan. The company’s subsidiary, Aral Petroleum, has just completed a period of test production at the East Zhagabulak field in Aktobe Oblast. After 10 months of inactivity, operating staff performed basic geological and mechanical tests which involved re-opening the wells and testing oil pressure.

Other News

Cameron hails £3billion contracts deal with oil rich Kazakhstan

Securing 40 trade deals with Kazakhstan worth £3 billion was “not bad for one afternoon’s work”, David Cameron declared after talks with the country’s president. The Prime Minister said he saw Britain and the oil and mineral-rich central Asian state as “partners in prosperity and partners in progress” as he oversaw a signing ceremony at the Foreign Office alongside Nursultan Nazarbayev. Downing Street said Mr Cameron raised the issue of human rights with his counterpart, who was recently re-elected with 97.75% of the vote and is regarded by critics as an autocrat. Mr Nazarbayev insisted he was committed to widespread reforms including ending corruption, improving the justice system and ensuring “an open, liberal government that is accountable to the people”.

Oil & Gas

Roxi Petroleum to spud third Kazakhstan well

Roxi Petroleum said it expects to spud the Deep Well A6 in Kazakhstan in the next few days for a fixed cost of $8.5million. The new deep well has a planned depth of 5,000metres targeting pre-salt intervals in the Cretaceous and is expected to take four months to reach its planned total depth. A further two deep wells will also be drilled in the next 12 months with the timing and location dependent on findings from other existing deep wells.

Oil & Gas

Kazakhs said to weigh $2 billion penalty on BG, Eni Project

Kazakhstan’s government is considering levying a penalty on a venture led by BG Group Plc and Eni SpA that operates the nation’s second-biggest producing oil and gas field as the state seeks extra revenue to bolster its finances, according to two people familiar with the plan. The fine on the Karachaganak project could be as much as $2 billion, one of the people said. That would be roughly in line with penalties the government threatened to impose in a 2010 dispute that ended with the state taking a 10 percent stake in the project. The Central Asia nation is studying the possibility of imposing the fine because the companies haven’t fulfilled certain contractual obligations, the people said, asking not to be identified because the matter isn’t public. The penalty may be a precursor to the government increasing its stake in Karachaganak, they said.


Roxi makes exploration gains in Central Asia

Kazakhstan focused oil and gas firm Roxi Petroleum has made a second find associated with its flagship BNG asset. Core samples and logging in the second well have revealed a potentially oil bearing interval starting from 4,536 meters and extending 100 meters. It’s located approximately eight kilometres from the first deep well and is being drilled by Sinopec, the Chinese multinational, at a fixed cost of $11 million.