Industry Oil and Gas Parent organization Nobel Oil Ltd. | Revenue Undisclosed Founded 2005 | |
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Key people Nasib Hasanov (founder and owner), Ali Batu(CEO) Services Technical service provider for the oil industry Subsidiaries Global Energy Solutions LLC Areas served Azerbaijan, United Kingdom | ||
The Nobel Oil Group is a corporate group operating primarily in the Republic of Azerbaijan,USA, UK as well as in Romania. Registered in the UK, The Group provides integrated operating services within the oil and gas sector and is also developing its exploration and production capabilities.
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History and development
Nobel Oil Ltd was originally established in 2005 by Nasib Hasanov as a technical service provider, offering services to the oil and gas industry in the Caspian region. These include wells’ work over, drilling, installation, construction, engineering and maintenance, repair and operations services. Nobel Oil Ltd. has two shareholders: Allendorf SA (1%) and Technogas LTD (99%). The holding company Nobel Oil Ltd. is legally registered as an offshore company in St. Kitts and Nevis, as well as in the United Kingdom. Nobel Oil (UK) Ltd. comprises at least seven subsidiaries: Nobel Oil Investment (UK) Ltd., Nobel Oil Services (UK) Limited, Nobel Oil E&P North Sea Limited, Nobel Oil E&P (UK) Limited, Nobel Oil E&P Caspian Limited, Nobel Oil E&P Management (UK) Limited, and Nobel Oil E&P North America (UK) Limited.
Nasib Hasanov is also the owner of Nobel Upstream, engaged in oil and natural gas projects in Azerbaijan and Texas, United States. 2016 Nobel Upstream made an investment in the UK North Sea, buying a 7.59% stake in the Maclure oil field from Shell Oil. Royal Dutch Shell sold North Sea oil field, in a transaction with UK Nobel Upstream for an undisclosed fee. Later, Nobel Upstream’s CEO Jeremy Huck resigned; no farewell statement or reason was issued by the Group.
Nobel Upstream is the majority shareholder of a large acreage position in the Permian Basin (North America). With its operating partner Three Span Oil & Gas, Nobel Upstream started producing oil and gas in August 2014.
Owners and top management
Nasib Hasanov, an Azerbaijan-born businessman, is the founder and owner of Nobel Oil Group, registered in St. Kitts and Nevis. Ali Batu is the Chief Executive Officer (CEO).
Development of Umid gas field
Since 2008, the Group has been developing its exploration and production capabilities through its participation in the exploration of the Umid offshore gas-condensate field located 75 kilometres south of the Azerbaijani capital, Baku.
The Umid offshore gas-condensate field is in the water depth range 40 – 80 m. It is being explored under the agreement between SOCAR and Nobel Oil Exploration and Production Ltd. The Parties have following participating interests in the Umid project: SOCAR – 80%, Nobel Oil Exploration and Production Ltd. – 20%.
President Ilham Aliyev of Azerbaijan placed strong hopes in development of the Umid gas field, remarking in 2010, "This field has a great future." He made similar comments in 2012.
The joint venture with Nobel Oil Group has drilled three wells in the Umid gas field since 2012. One well failed, while the other two produced decreasing amounts of natural gas: in 2012 – 1,500 thousand cubic meters of gas, 2013 – 638,000 cubic meters, and in 2014 - 630,000 cubic meters of gas per day. The plan was to drill a total of six wells, producing one million to 1.5 million cubic meters of natural gas per day.
But, as of October 2014, Nobel Oil Group and its partner decided to stop all drilling due to "technical problems in the production process." They announced a new international tender for a foreign partner to lead the way and create a new strategy. As of January 2016, they have not received such a tender.
Since March 2015 Nobel Oil Group and its partner decided to drill a new appraisal well to get a better estimate of gas reserves in Umid; they hope that this drilling expense will be absorbed by the future foreign partner. The Nobel Oil Group and its partner require the new foreign partner to have not only the skills and experience of deep-water offshore drilling, but also have available cash reserves.
According to analysts, the Umid ("Hope") gas field was too technologically challenging for the two companies developing it, despite their spending some $5 billion USD already by 2010. Given that this was a period of high gas prices, they projected about $45 billion in net operating income. Since 2010 expenses have increased whilst natural gas market prices have fallen.
Services
Nobel Oil has a number of services carried out by different subsidiaries of their company.