World oil prices jumped during Asian trading on September 22, ahead of the OPEC + meeting at the ministerial level.

The Trans Adriatic Pipeline (TAP) AG presented its €1 million initiative for funding Master's programmes in the energy sector, offered by the University and the Technological Educational Institute (TEI) of Western Macedonia – the Prefecture's two tertiary education institutions. The investment is implemented in the context of the collaboration between TAP and the Bodossaki Foundation.

The state-run oil company SOCAR will produce additional 69.35 million cubic meters of gas and more than 1,800 tons of condensate annually due to commissioning of the well at the Gunashli offshore field after a major overhaul.

Construction of facilities for production of polypropylene and high-density polyethylene, which are planned to be commissioned in 2018 as part of the SOCAR Polymer project, has been completed by 91 and 71 percent.

The work to expand the Sangachal oil and gas terminal within the Shah Deniz Stage 2 project is completed by 99.8 percent, Azerbaijani state oil company SOCAR said Sept. 21.

The Inauguration of the first green public buildings, which belong to Azerbaijan’s energy giant SOCAR, took place on September 21 in the city of Sumgayit.

The price of a barrel of Azeri Light crude oil increased $0.84 to stand at $58.71 on the world markets, Azertac reported.

BP Azerbaijan announced that the second topsides unit of the Production and Risers (PR) platform built for the Shah Deniz Stage 2 project, arrived in its location in early June.

The new purpose-built facility within the second stage of development of Azerbaijan’s Shah Deniz field is expected to be commissioned by UK EXPRO international oilfield service company during the month of October, the company's manager for Azerbaijan Andy Sadler told Trend.

More than 2/3 of pipe stringing completed in the Greek and Albanian sections of the Trans Adriatic Pipeline (TAP), which envisages transportation of Azerbaijani gas to Europe, TAP AG consortium said on its Twitter page.

Turkey’s BOTAS Petroleum Pipeline Corporation and Qatargas, the World’s Premier Liquefied Natural Gas Company, signed a contract for the supply of 4.5 million tons of liquefied natural gas (LNG) from Qatar, Qatar’s media reported Sept. 20.

First oil production from the new platform, to be built and installed on the Azeri-Chirag-Gunashli (ACG) block of fields under the new project agreement, may begin in 2023, an official with Azerbaijan’s state oil company SOCAR has told reporters in Baku.

Annual income of Azerbaijan’s economy from the Star oil refinery, being constructed by SOCAR on Aliaga Peninsula in Turkey, will exceed $600 million within the first five years after its commissioning, said SOCAR President Rovnag Abdullayev.

Roughly 85 billion cubic meters of gas and 21.2 million tons of condensate have been extracted from Azerbaijan’s Shah Deniz gas field since the beginning of operation in 2006.

The new Azeri-Chirag-Gunashli contract is expected to be submitted to the Parliament before the end of 2017, coming into force after ratification.

World oil prices headed for the top on Tuesday as investors recouped the comments of the Iraqi oil minister about the intention of a number of oil-producing countries to increase production cut by another 1 percent, RIA Novosti reported.

The construction of the offshore section of the Trans Adriatic Pipeline (TAP), which envisages transportation of Azerbaijani gas to Europe, will begin in 2019, TAP Managing Director Luca Schieppati said in an interview with Trend.

Delivering the first gas from Azerbaijan’s Shah Deniz field to Turkey via TANAP in June 2018 is quite real, said Khoshbakht Yusifzade, the first vice-president of Azerbaijan’s state oil company SOCAR.

The stage 2 of Petlim container terminal, invested by Azerbaijan’s energy giant SOCAR, was launched on September 19.

Iran has huge reserves of oil and gas and its proved reserves for 2017 are 137.6 billion barrels of oil and 27.6 trillion cubic meters of natural gas.

Azerbaijani state oil company SOCAR completed a major overhaul of fixed platform #566 at the “8 March” field in the Caspian Sea, reads a message on SOCAR website.

Talks and rumors on possible prolongation of the OPEC+ output cut deal continue to impact the global oil market.

The gas processing plant of Azerbaijan’s state oil company SOCAR has processed 1.68 billion cubic meters of gas since early 2017.

Building permits for the Croatian section of the Ionian-Adriatic Pipeline (IAP) are expected to be obtained during 2019, a source in Croatian Plinacro Ltd. natural gas transmission system operator told Trend.

The consortium for construction of the Trans Adriatic Pipeline (TAP) is due to roll out 131 additional projects with a total value of approximately 23 million euros in the upcoming months, TAP Managing Director Luca Schieppati said in an interview with Trend.