Uzbekneftegaz and SOCAR Launch Major Hydrocarbon Project in Ustyurt
The agreement for joint development and production was signed earlier this year
Oil
Ex Pornhub Co-Owner Eyes Sanctioned Lukoil Assets
Bergmair declined to specify which assets he was targeting
OPEC+ Extends Current Oil Production Quotas Until End of 2026
OPEC+ projects that global oil trade will reach 61 mln barrels per
Kazakhstan Faces $1.5 Bn Losses After Attack on Caspian Pipeline Consortium
The attack damaged the offloading facility at VPU-2
Uzbekistan Reports Decline in Gas and Oil Production
Kazakhstan has offered to increase the transit of Russian gas to Uzbekistan
Exxon Explores Purchase of Lukoil’s International Assets
Exxon is looking at Lukoil’s holdings in Kazakhstan
Chevron Explores Buying Sanctioned Russian Oil Company Lukoil’s Overseas Assets
Chevron is focusing on areas where it overlaps with Lukoil
Carlyle Explores Purchase of Lukoil’s Foreign Assets
Carlyle is said to be in the early stages of considering a purchase.
BP Explores Participation in Uzbekistan Ustyurt Oil and Gas Project with SOCAR and Uzbekneftegaz
Tashkent is holding preliminary discussions on BP’s potential role
Lukoil Declares Force Majeure in Iraq as Sanctions Increase Pressure
The force majeure notice was sent to Iraq’s oil ministry last week
Trump Grants Hungary One-Year Exemption from Russian Oil and Gas Sanctions
Trump acknowledged Hungary’s logistical constraints
Gunvor Eyes Lukoil Assets but Acquisition Faces Financial and Regulatory Hurdles
The Russian firm is approximately three times the size of Gunvor by equity
Lukoil Agrees to Sell Foreign Assets to Gunvor
Gunvor has confirmed the ongoing process
Lukoil to Sell Foreign Assets After New US Sanctions
Lukoil produces around 2% of global oil output
Condor Energies to Drill Uzbekistan’s First Long Horizontal Gas Well
Plans for 2026 include up to five horizontal wells
Oil Prices Rise 2.5% After US Imposes Sanctions on Russia’s Rosneft and Lukoil
The UK imposed similar sanctions last week
Uzbekistan and Russia Explore Joint Development of Hard-to-Recover Oil and Gas Reserves
Russia supplied 233,500 tonnes of crude oil to Uzbekistan last year
Fire Erupts at Chevron’s El Segundo Refinery in California
The cause of the blaze remains unclear
OPEC+ Moves to Restore Oil Output with Major September Increase
The agreement also includes an additional quota adjustment for the UAE
Indian State Refiners Halt Russian Oil Purchases
India has become the leading buyer of seaborne Russian oil since 2022
Uzbekneftegaz and SOCAR to Develop Ustyurt Hydrocarbon Reserves
The agreement lays the groundwork for long-term collaboration
Uzbekistan and Azerbaijan Sign Deal for Joint Oil Exploration in Ustyurt
The two sides will also conduct joint geological surveys in other promising areas
Oil Prices Steady Amid EU Sanctions and U.S. Tariff Uncertainty
Uzbekistan to End AI-80 Petrol Production From September
The company’s system aim to use up their remaining AI-80 stocks by the end of 2025