Archive | Oil & Gas

Total to Seek Waiver If US Reimposes Sanctions on Iran

Total CEO Patrick Pouyanne said on Sunday that the French oil and gas company would seek a waiver to continue the development of an Iranian gas field should the United States decide to re-impose sanctions. Speaking in an interview with The National newspaper while on a visit to the United Arab Emirates, Pouyanne said Total’s […]

$6bn Oil Projects for Local Contractors in 2018

Iranian Minister of Petroleum Bijan Zangeneh says over 6 billion dollars worth of oil contracts will be signed with local E&P, EPC and drilling companies next calendar year, beginning on March 21. Addressing a ceremony for signing Sepehr-Jofeir fields’ development contract, the official said the Iranian Ministry of Petroleum has arranged for assigning major projects […]

NIOC signs $2.4bn Oil Deal with Local Firm

The National Iranian Oil Company (NIOC) and Pasargad Energy Development Company (PEDC) have signed a contract for the integrated development of Sepehr and Jofeir Fields with an estimated CAPEX of 2.4 billion dollars. The CEOs of NIOC CEO (Ali Kardor) and PEDC (Mehdi Mir Mo’ezi) signed the contract here in Tehran on Sunday, only three […]

Iran eyes $4bn in Developing two Oilfields

Iranian Minister of Petroleum Bijan Zangeneh says Iran expects to generate a total of 4 billion dollars by developing Aban and West-Paydar oilfields that it shares with neighboring Iraq. Addressing a ceremony to sign a contract to develop the two fields here in Tehran on Wednesday, the official said oil recovery from the two fields […]

NIOC “in Talks” to Develop 22 Oil, Gas Fields

The Deputy Head of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs Gholamreza Manouchehri says his company is in talks with several upstream companies for the development of 22 oil and gas fields in Iran. Addressing a ceremony to sign a contract to develop Aban and West-Paydar oilfields by NIOC and a […]

Iran says IS Resurgence could Hamper Iraq Oil Deal

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iran Business News. The Islamic State (IS) appears to be staging a comeback in parts of Iraq, which could endanger the country’s oil deal with Iran. Hamid Hosseini, the Iranian secretary-general of […]

Russian Firm to Invest $740m in Iranian Oil Fields

Russia’s state-controlled Zarubezhneft signed an agreement in Tehran on Wednesday to re-develop two oil fields in western Iran. It was the second post-sanctions oil contract awarded to Russia by Iran. Based on the agreement, the Russian firm would re-develop Aban and West Paydar oil fields. Both fields are located in areas bordering Iraq and are […]

Gas Executive becomes UK Ambassador to Iran

Mr Rob Macaire CMG has been appointed as the UK’s Ambassador to the Islamic Republic of Iran in succession to Mr Nicholas Hopton, who will be transferring to another Diplomatic Service appointment. Mr Macaire will take up his appointment in April 2018. Mr Macaire rejoins the diplomatic service following five years as Director of Government/Public […]

Tehran, Moscow finalize Energy Cooperation MOU

The Memorandum of Understanding of the 14th Commission for Trade and Economic Cooperation of the Islamic Republic of Iran and the Russian Federation in the Oil and Gas Industries was set up in 38 articles. In the memorandum, the parties, while supporting the talks and agreements reached between the relevant ministries of the two countries, […]

Refinery sells Associated Gas

The 9th refinery of the South Pars Gas Complex (SPGC) has signed a contract with an Iranian buyer to sell gas it had previously been flaring. According to the National Iranian Gas Company (NIGC), the deal was signed with the aim of optimizing energy consumption in the refinery and preventing waste of gas and pollution […]

NIOC Signs Research Deals with Iranian Universities

The National Iranian Oil Company (NIOC) has signed research contracts with 5 leading Iranian universities for expanding the petroleum industry’s scientific and technological bases in discovering hydrocarbon resources. The contracts were signed this morning (Monday, March 12), by NIOC Managing Director Ali Kardor and chancellors of the universities of Shahid Beheshti, Ferdowsi of Mashhad, Kharazmi, […]

Oil Exports in March Fall to Two-Year Low

Iran’s crude and condensate exports are set to fall to a two-year low this month as loadings for its main Asian buyers will tumble by one-third from the previous month, a report said. Global buyers are scheduled to lift 1.94 million barrels per day (bpd) of Iranian crude in March, down 21 percent from the […]

Finland, Denmark, Sweden agree deal with Iran’s IDRO

The ambassador of Finland to Tehran said Helsinki, Copenhagen and Stockholm have signed an agreement with Iran’s IDRO Group to improve cooperation in various fields, including oil and renewable energies. “Finland, Denmark and Sweden signed an MoU with IDRO of Iran to promote collaboration in in the fields of oil & gas, high-tech, transportation, renewable […]

ONGC Videsh, Iran’s IDRO Oil sign accord

By John Lee. India’s ONGC Videsh has reportedly signed a cooperation agreement with Iran’s IDRO Oil (Gostaresh Iranian Oil And Gas Industries Development Company) to jointly bid for a $900-million plan to develop the Susangerd oilfield in Khuzestan province. The field, discovered in 2009, is estimated to hold more than 5 billion barrels of in-place […]

Iran saves $300m/y in Hengam Gas Processing Project: CEO

The managing director of the Iranian Offshore Oil Company (IOOC), Hamid Bovard, says the gas processing complex of Hengam Oilfield will save Iran over 300 million dollars annually, once fully operational. The daily cost-saving of the project will be more than $700,000 per day, he said. Addressing the opening ceremony of the gas processing complex, […]

NIOC to Establish Fund to Finance Oil Projects

The Managing Director of National Iranian Oil Company (NIOC) Ali Kardor said plans are under way to introduce project funds for financing Iran’s recovery and maintenance projects in oil industry. Addressing the 2nd International Congress and Exhibition of Oil Exploration and Production and the 5th International Congress and Exhibition of Iran’s Drilling Industry here in […]

Iran Launches Hengam Gas Processing Complex

Iranian President Hassan Rouhani has officially inaugurated the gas processing complex at the Hengam Joint Oilfield. The plant can process 80 mcm/day of natural gas which was previously flared. Iranian contractors, manufacturers and advisors developed the complex whose return on investment will be less than a year. The project generates $700,000 per day of revenues […]

Iran Oil Investment likely to Jump: Expert

An expert in oil market says a huge investment tide is under way in Iran’s oil industry provided that financial interactions of the country and the world normalize. Speaking to Shana, Mahdi Asali, a veteran expert in oil market and political energy economy, said if Iran’s international relations become normalized and stable, and the country’s […]

Iran Plans to Turn Jask to Oil Export Hub

Iran has defined plans to turn Jask Port into a major oil export terminal, a senior Iranian oil official said. Addressing an international conference on Monday, Nouredin Shahnazizadeh, the managing director of Petroleum Engineering and Development Company (PEDEC), said given the ongoing activities in the area, the port will turn into one of Iran’s main […]

Downstream Petchem Projects Launched in Mahshahr

Iran has launched three downstream petrochemical projects in the southwestern city of Mahshahr, adding 146,000 tons per year to the country’s petrochemical production capacity. The projects were launched in a ceremony held with senior Iranian petrochemical and petroleum officials in attendance on Monday, NIPNA reported. The units are built in 115,350 square meters of land […]