The price of the AZERI LT CIF oil produced at Azeri-Chirag-Gunashli block of oil and gas fields amounted to $71.10 per barrel at Italian port of Augusta on September 16, which is $7.36 more than the previous price, a source in Azerbaijan's oil and gas market told Trend on Sept. 17.

The Azeri Central East (ACE) project, which is the next stage in the development of the Azeri-Chirag-Gunashli giant block (ACG) in the Azerbaijani sector of the Caspian Sea, targeted to achieve daily production at the peak of up to 100,000 barrels of oil and 350,000 cubic feet of gas.

Azerbaijan can consider potentiality of its role as a transit country of Turkmen gas, Head of the Department of Foreign Policy Affairs of the Azerbaijani Presidential Administration Hikmet Hajiyev said during a seminar dedicated to the 25th anniversary of the signing of the Contract of the Century, Trend reports.

The Petkim petrochemical complex in Turkey earned 5.9 billion Turkish liras in the first half of 2019, Trend reports referring to Azerbaijan’s state oil company SOCAR.

The State Customs Committee of Azerbaijan has disclosed statistics on oil, gas and electricity exports.

The Trans Adriatic Pipeline (TAP) project, which envisages transportation of Azerbaijani gas to Europe, is 89.3 percent complete, Trend reports citing TAP AG consortium.

Average price of AZERI LT CIF extracted at Azerbaijan's Azeri-Chirag-Gunashli block of fields was $65.14 per barrel on September 9-13, or $1.62 more than the previous week, Trend reports.

Slovenia welcomes increasing cooperation with Azerbaijan in energy supply, Slovenian Foreign Ministry told Trend.

Azerbaijan state oil company SOCAR has various petroleum projects abroad, in countries such as Georgia, Turkey, Romania, Switzerland, Germany and Ukraine.

Oil futures fell on Friday as optimism over an end to the U.S.-China trade war faded, leaving prices set for a weekly loss after days of wild gyrations, reports Trend referring to Reuters.

Azerbaijan and Russia cooperate in a number of spheres with energy cooperation being one of the leading directions of this strategic partnership.

BP will soon start drilling operations at the Shafag-Asiman structure in the Azerbaijani sector of the Caspian Sea, where gas reserves may be equal to those of the Shah Deniz 2 field.

The price of the AZERI LT CIF oil produced at Azeri-Chirag-Gunashli block of oil and gas fields amounted to $67.14 per barrel at Italian port of Augusta on Sept. 10, which is $1.41 higher than on Sept. 9, a source in Azerbaijan's oil and gas market told Trend on Sept. 11.

The creation of new generation power capabilities is the main priority of the state policy in Azerbaijan in ensuring the country’s energy security. Today, Azerbaijan fully meets its power demand and increases the export potential of the sector.

Shah Deniz 2 is the starting point of the Southern Gas Corridor, which will deliver Caspian resources directly to European markets for the first time, through Italy, Georgia, Turkey, Greece, Bulgaria, Albania and the seabed of the Adriatic Sea.

ENGIE, Shell, Azerbaijan Gas Supply Company (AGSC) and SOCAR have agreed on a partial transfer of ENGIE’s Shah Deniz gas supply contract to Shell Energy Europe Limited.

Azerbaijan supports OPEC+ measures to ensure world market balance in the period of ongoing economic and geopolitical uncertainties.

Oil rose on Monday after a Saudi official said there would be no change in Saudi Arabia’s OPEC policy as Prince Abdulaziz bin Salman was made the new energy minister for the world’s biggest crude exporter over the weekend, Trend reports citing Reuters.

Since gaining independence, Azerbaijan has gradually achieved the goal of diversifying the transportation of energy resources and creating a modern infrastructure for this. The country managed to enter the world markets with its natural gas, which is considered the energy wealth of Azerbaijan.

Helge Lund, Chairman of the Board of Directors of BP Group, is on a two-day working visit in Baku, BP Azerbaijan told Trend.

Oil prices edged higher on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in U.S. crude inventories, while trade tensions eased after Washington and Beijing agreed to hold high-level talks next month, Trend reports citing Reuters.

On 1 September Norway’s Equinor and its partners started production from the Snefrid Nord gas field, the first discovery tied back to the Norwegian Sea Aasta Hansteen field, Trend reports citing the company.

Oil prices recovered some ground on Wednesday after touching their lowest in close to a month during the previous session on concerns that a weakening global economy could depress demand, reports Trend referring to Reuters.

Azerbaijan implements successful policy in the management of the country’s energy resources, which have crucial role in ensuring the energy security of neighboring countries.

State oil company SOCAR resumed exports via the Baku-Novorossiysk pipeline from July 3 after the shutdown in March 2019 due to the scheduled maintenance work on the pipeline.