Chevron Texaco, Oil and Gas

In H1 pumping of Azerbaijani oil via BTC increases by 3%.

In H1 2016 the volume of Azerbaijani oil pumping via the Baku-Tbilisi-Ceyhan (BTC) amounted to 14 million 930.79 thousand tons, which is 2.6% higher than within the same period last year, SOCAR (the State Oil Company of Azerbaijan) informed the agency"Interfax-Azerbaijan".
"In general, since the moment the pipeline entered into operation (on June 4, 2006 - IF) till July 1 of this year the volume of pumping was 307 million 606.179 thousand tons of oil, including in June - 2 million 489.988 thousand tons", - according to SOCAR.

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Consortium, headed by Chevron, to invest up to $37 bln in oil production in Kazakhstan

A consortium led by US Chevron has intended to invest up to $37 billion to increase the oil production at the Tengiz field in Kazakhstan, the Energy Minister Kanat Bozumbayev said in an interview with the WSJ. It will be one of the first major investments in the sector by the major energy company after the collapse of the oil price, begun in 2014. Moreover, according to Rystad Energy, since then and till March 2016 the companies had to postpone or cancel projects for about $270 billion.
The Tengiz field is one of the largest in the world and the main source of the Chevron’s production growth in the coming years. The investments should begin in 2017, the project will create 24 thousand jobs in Kazakhstan, Bozumbayev said. According to him, Chevron’s CEO John Watson recently visited the country and discussed the project with political leaders.

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Lukoil to invest $ 1.5 billion into the project 'West Qurna-2' in Iraq in 2016.

Lukoil’s investment program for the "West Qurna-2" project in Iraq for 2016 is $ 1.5 billion. "Iraq fulfills its obligations - in October, in November and in December, we were given eight tanker positions. Total debt (of Iraq. - "the Kommersant") decreased to $ 1.45 billion. We have $ 6.5 billion invested into this project", - "Interfax" quotes the words of the president of Lukoil Vagit Alekperov. He stated that in H1 2016 the company planned to return the historical costs in Iraq, "the project will go by the means of reinvestment". Vagit Alekperov added that in 2016 drilling on block 10 in Iraq was planned to start, which is located within 100 km of "West Qurna-2".

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Russian oil producers to bid for Norweigan deposits.

Market conditions and sanctions do not interfere there.
"Rosneft" and Lukoil intend to compete for new oil and gas licenses on the Norwegian shelf. Now because of the sectoral sanctions work of oil producers in the Russian Arctic is actually stopped, but it is not prohibited to conduct exploration and production abroad. Thus, Lukoil, deprived according to the Russian law of the right to work on the Arctic shelf in its country, can expect to receive relevant experience in Norway in anticipation of a possible liberalization of access to the shelf in the Russian Federation.

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For the first time GECF condemns the sanctions against gas companies.

The condemnation of sanctions against gas companies, which was contained in the Declaration of the Gas Exporting Countries Forum, signed following the meeting of GECF in Tehran, was an extremely important point, the RF Minister of Energy Aleksandr Novak told the reporters.
The common position of the participating organizations on the issue of sanctions had been marked for the first time, Novak stated. According to him, it is a declaration of disagreement with sanctions policy in the gas sector, as well as with the use of discriminatory laws by individual countries outside the territories to enact such laws.

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Participation of Chevron on construction of complex in Atyrau to be determined before December 1

Samruk Kazyna will decide on the participation of the company Chevron in the construction of a petrochemical complex in Atyrau before December 1 this year, chairman of Samruk Umirzak Shukeyev said on Monday.
"Just the other day I will report you the result," - Shukeyev answered to the question of the Prime Minister of Kazakhstan Karim Massimov, when the partner for the construction of the complex would be determined.

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SOCAR reduces oil transportation via Baku-Tbilisi-Ceyhan pipeline by 16%.

In January-October 2015 the State Oil Company of Azerbaijan (SOCAR) will pump 14 million 549.129 thousand tons of Azerbaijani oil via Baku-Tbilisi-Ceyhan (BTC), a message posted on the official website of SOCAR informs. In comparison with the same period of 2014 the export of oil via BTC dropped by 2 million 727.342 thousand tons, or by 15.8%.

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Oil giants reduce costs by $60 billion, but it’s not enough

This year, the world oil industry has already reduced the cost by $60 billion, but this is not enough. According to the Bloomberg, the largest producers have to reduce spending by another $26 billion , and investments by 10%.
All this in order to perform the "sacred" payment of dividends, analysts of Jefferies Group LLC, and Banco Santander SA note. The oil companies prepare for a long period of low prices, as the global oversupply is not going to decrease.
The international producers such as Royal Dutch Shell and Chevron, strain every nerve to reach breakeven. They have to do it with oil prices that are by $10 less than last year, when the costs reduction just started, says Jason Gammell of the Jefferies Group.

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Quarterly decline in daily production of Azerbaijani oil

In H1, 2015 the Azerbaijani International Operating company (AIOC), which develops Azeri-Chirague-Guineshly block of oil fields in the Azerbaijani sector of the Caspian Sea, produced the same volume of oil as during the six months of 2014.
According to an operator of the project BP Azerbaijan, oil production at the AChG block of deposits made up 641 thousand barrels of oil a day in H1, 2015. It reached 661 thousand barrels a day in the first quarter,

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Chevron totally shuts down its activity in the Ukraine

Chevron as fully shut down its activity in the Ukraine. The respective decision was made by the Board of Directors of Chevron Ukraine B.V. on July 2nd 2015.
The PSA with Chevron was signed by the Government of the Ukraine on November 2013. The company planned to invest $10 bln into the extraction of hydrocarbons in the western regions of the country. It develops the Olessky site where it plans to extract shale gas. The agreement was signed with Nadra Olesskaya, 90% of which belongs to Nadra Ukrainy.

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