Archive | Oil & Gas

Major Petchem Plant Launched in Western Iran

The western province of Kurdistan saw inauguration of a major petrochemical plant, the biggest industrial project in the province’s history, on the first working day of the new Iranian calendar year. The plant, whose production began in 2005, is built for production of 300,000 tons of light-density polyethylene in a push to complete the petrochemical […]

Iran’s Oil Exports Doubled with JCPOA Implementation

Iranian President Hassan Rouhani highlighted the outcome of the July 2015 nuclear deal with world powers, known as the Joint Comprehensive Plan of Action (JCPOA), saying that the country’s oil exports have doubled since the deal took effect in January 2016. “The exports of crude oil and condensates have increased by at least two times […]

Final Version of New-Style Iran Oil Contracts Prepared

The ultimate version of a new format of Iran’s oil contracts, known as Iran Petroleum Contract (IPC), has been prepared in compliance with the cabinet’s measure and will be used for putting development of a major oil field out to tender in spring. According to Tasnim dispatches, the final version complies with the conditions set […]

Total seeks $4bn Stake in South Pars Gas Gield

Total is seeking a 50 percent stake in a $4 billion project in Iran’s giant South Pars gas field, the French energy firm said in a regulatory filing detailing talks held with Iranian officials on several projects in 2016. Total signed a preliminary deal for the South Pars project last year, becoming the first Western […]

Iran Starts Operating SP20 Project

Iran announced it has started gas recovery from phase 20 development of the supergiant South Pars gas field (SP20) on Sunday. The Deputy Managing Director of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs Gholam-Reza Manouchehri said gas and condensate recovery has started at 25 million cubic meters and 40,000 barrels per […]

Iran Starts Pumping Oil from Azar Joint Oilfield

Iran on Tuesday, March 14, began pumping 15,000 barrels/day of crude oil from Azar Oilfield which it shares with Iraq. Early production from the field, located in the border city of Mehran, began in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh. Azar Oilfield development project is aimed at production […]

Iran’s Oil Output hits 3.8m bpd in February

The Organization of the Petroleum Exporting Countries (OPEC) said Iran’s oil production reached a new record high of 3.8 million barrels per day in February. According to OPEC’s monthly report on Tuesday, the February figures showed Iran was producing about 36,100 barrels a day above its previous level, reaching 3.8 million barrels per day. Earlier […]

Hyundai Signs $3.2bn Iran Petchem Deal

Iran’s Ahdaf Investment Company and Korea’s Hyundai Engineering Co. (HEC) have signed a deal for a 3 billion-euro ($3.2 billion) petrochemical project, a report said. The agreement covers the construction of the second phase of the Kangan Petro Refining Company. “The financing of this project will be finalized within nine months at the rate of […]

Tehran-Moscow ‘Oil-for-Goods’ Swaps to Reach $45bn

The total volume of “oil-for-goods” swaps between Iran and Russia is expected to reach $45 billion annually, Russian trade representative in Iran Andrei Lugansky said. The total value of goods “under the program (oil-for-goods) can currently be estimated at $45 billion a year,” Lugansky told Sputnik on Monday. He further said the “legally viable” program […]

Iran Launches 5 Gas Pressure Stations

Iran launched five gas pressure station facilities on Thursday in order to boost its gas delivery capacity by 50 million cubic meters. The facilities are located in Khonj, Jahrom, Safa Shahr, Naein and Kashan. Each of the facilities are equipped with 4 25-megawatt turbo-compressors which were installed within a period of 30 months with IRR11,600b […]