News

800mb Oil Exported from Khark Terminal

TEHRAN (Shana) — Iran exported over 800 million barrels of crude oil from its major oil export terminal in Khark Island ove the course of the previous Iranian calendar year which ended on March 20. CEO of the Iranian Oil Terminal Company (IOEC) Pirouz Mousavi told a group of visiting members of the energy committee of the Iranian parliament in ...

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U.S. gas exports set to gain as Iran deal dies

By Ryan Collins and Naureen S. Malik HOUSTON and NEW YORK (Bloomberg) — Another darling of the Trump administration is poised to gain from the Iran deal breakup as oil surges: Natural gas exports. With the move to curb Iran’s oil output encouraging more shale drilling, prices for natural gas produced alongside crude in West Texas could crater, falling to ...

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65% of Refinery Equipment Locally Manufactured: Zangeneh

TEHRAN (Shana) — Iranian Minister of Petroleum Bijan Zangeneh says Iranian manufacturers can supply up to 65 percent of the equipment used for building a refinery. Speaking in a televised interview on Thursday night, the official said the National Iranian Oil Company (NIOC) has signed a €556-million contract with a consortium of Spain’s Tubacex and Foolad Isfahan Company for the ...

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OPEC member complains U.S. president is driving up prices

By Tina Davis NEW YORK (Bloomberg) — It’s not often that an OPEC producer accuses the U.S. of driving up oil prices. But that’s exactly what Iran Oil Minister Bijan Namdar Zanganeh said on state television Thursday. Two days after Donald J. Trump decided to withdraw from the Iran nuclear agreement, Zanganeh said the U.S. president is engaging in “shenanigans” ...

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5 Oil Price Predictions for 2018

It is the time of the year again for our highly anticipated oil price related predictions for 2018. As our millions of faithful readers are aware, we have a rather impressive track record -from predicting the formation of ISIS to the crash of oil prices; from presenting Trump’s potential oil policies to the forecast of OPEC’s gradual decline. We’ve been ...

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Statoil begins offshore mobilization for Norway’s Johan Sverdrup

STAVANGER — Up to 2,400 men and women have started to mobilize for the hook-up and completion of Johan Sverdrup field in the North Sea. Approximately 150 people, plus crew from the flotel-operator ProSafe, set sail aboard the floating accommodation vessel Safe Zephyrus from Mekjarvik outside Stavanger, bound for the North Sea. When the flotel arrives at the Johan Sverdrup field this ...

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Approaches Changed to Help Attract Investment

TEHRAN (Shana) — The panel discussion on the model of development contracts for Iran’s upstream oil and gas industry was presided over by Reza Dehqan, chief coordinator of upstream contracts at the National Iranian Oil Company (NIOC). Behzad Mohammadi, CEO of Oil Industries Engineering and Construction (OIEC), Navid Rahbar, Managing Director of APP Dentons law firm, Jaap Kalkman, head of ...

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Nigeria State Firm Aims To Rival Oil Majors In Domestic Production

State-held Nigerian National Petroleum Corporation (NNPC) aims to make its exploration and production unit—the Nigerian Petroleum Development Company (NPDC)—the top oil producer in the country, local media quoted NNPC group managing director Maikanti Baru as saying. NNPC aims to make NPDC the top E&P company operating in Nigeria and rivaling in terms of production Shell and the other international oil majors. Currently, ...

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