Tethys revenues down 46% as production plummets
Central Asia focused Tethys Petroleum suffered a 46% slump in third quarter revenues due to a drop in production and the devaluation of the Kazakh currency.
Kazakhstan
Production starts on giant $50bn Caspian field
Production resumed today from the giant, $50billion Kashagan oil and gas field in the Caspian Sea, Kazakhstan’s energy ministry said in a statement.
Wood Group wins $700m contract for Kazakh project
Wood Group said today it had won a $700million contract to provide automation contractor services to a partnership in Kazakhstan.
Chevron signals go-ahead with $36.8billion project
Chevron today confirmed its 50% owned affiliate, Tengizchevroil (TCO), will go-ahead with a $36.8billion aimed at increasing production in Kazakhstan to one million barrels of oil equivalent a day.
Nostrum sees sharp contraction in profits and turnover
Nostrum Oil and Gas saw pre-tax profit fall by more than two thirds last year as it was hit by lower production and falling oil prices.
Kazakhstan energy minister replaced
Kazakhstan's President has replaced the current energy minister Vladimir Shkolnik with a regional governor.
Russia and Kazakhstan will dominate upstream projects in FSU says report
Russia is responsible for 25 key crude and natural gas projects expected to commence operations by 2025, dominating the Former Soviet Union’s (FSU) oil and gas production, according to a new report.
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.
Roxi tackles deep well blockages in Kazakhstan assets
Roxi Petroleum, the Kazakhstan-focused independent said it has improved its flow rates from its flagship Well 143, whilst still encountering blockages from its deeper wells.
Tethys extends financing deadline with Olisol
Tethys Petroleum has agreed to extend the previously agreed exclusivity period with Kazakh investor Olisol Investments until December 7.
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.
Roxi spuds new Kazakh deep well
Roxi Petroleum, the Kazakhstan-focused independent, has spudded a new deep well at its flagship BNG asset in the Asian country.
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”.
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.
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.
Kazakhstan becomes top uranium supplier to US nuclear reactors
Kazakhstan became the leading supplier of uranium for the 100 operating US nuclear power reactors in 2014, according to US Energy Information Administration.
Roxi sells gas plant for substantial profit
Central Asian-focused UK independent Roxi Petroleum has posted a first half pretax profit of $18.7m in 2015 thanks to the sale of the Galaz gas plant in Kazakhstan.
New chief exec to take helm of KMG EP
KMG EP has strengthened its leadership team with the appointment of a new chief executive. Kurmangazy Iskaziev was previously the boss of JSC Embamunaigas, (EMG) one of the core production assets of the company.
Roxi on a roll after new Kazak oil discovery
Roxi Petroleum has made a new discovery at its flagship BNG asset in Kazakhstan.
Lukoil sells stake in Caspian to Sinopec for $1billion
Russian producer Lukoil has sold its 50% share in Caspian Investments Resources to China's Sinopec for $1.08billion.
Max Petroleum bails out Kazakh subsidiary
Max Petroleum has thrown a financial lifeline to its Kazakhstan subsidiary Samek International.
Roxi agrees BNG royalty cancellation deal
Roxi, the Kazakhstan-focused oil and gas company, has agreed to cancel future royalty payments to investors from its BNG licence as part of a shares deal.
Video: Time-lapse shows Kazakhstan rig move
This stunning footage shows a rig move in Kazakhstan.
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.
Tethys Petroleum to reduce headcount as it shuts Guernsey office
Tethys Petroleum is set to reduce its headcount as it looks to relocate staff members to its offices in London. The company said its offices in Guernsey would be closing and its finance team based there would be relocated. A two-week consultation period has now begun with staff based in Guernsey about their on-going employment with Tethys.