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TEHRAN, Feb. 05 (Shana) — Iran says it holds 711.53 billion barrels of crude oil in-place of which 102.44 billion barrels are recoverable. Addressing a press conference, Karim Zobeidi, deputy managing director for consolidated planning at the National Iranian Oil Company (NIOC), said on Saturday that Iran has so far pumped 72.95 billion barrels of crude oil from its reserves ...

ST. PETERSBURG — Gazprom Neft has met its annual production targets at the Prirazlomnaya offshore platform, with a total 2,154,000 tonnes of ARCO (Arctic Oil) being produced at the field in 2016—a more than 2.5-fold increase on 2015 volumes. Prirazlomnaya is the only field on the Russian Arctic Shelf at which commercial hydrocarbon production is ongoing. Oil produced at Prirazlomnoye ...

NEW YORK (Bloomberg) — OPEC appears to have persuaded investors that it’s making good on promised production cuts. Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other producers reduce crude output. Saudi Arabia has said more than 80% of the targeted reduction of ...

DUBAI (Bloomberg) — Lukoil is seeking opportunities for growth in the Middle East as Iran opens more of its oil fields to international partners, according to the Russian energy company’s regional head. The Moscow-based company plans to add output from the region to existing operations in Iraq and Egypt as long as it finds projects with production costs as low ...

TEHRAN, Jan. 30 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh said crude oil suppliers are content with the price of oil in the range of 55 to 60 dollars a barrel, adding the market is moving towards restoration of supply-demand balance. “The oil market is moving towards rebalancing of supply of demand and no one has ever imagined this ...

TEHRAN, Jan. 30 (Shana) — Iran is to launch 270 kilometers of the 6th Iran Gas Trunkline (IGAT-6) on Tuesday in order to ensure sustainable gas supply to western provinces of the country and exports to Iraq. The pipeline is being launched in a ceremony on the first day of the Fajr Decade, marked as the anniversary of the victory ...

TEHRAN, Jan. 30 (Shana) — Iran is currently recovering 115,000 barrels of crude oil from Yadavaran oilfield which it shares with neighboring Iraq, operator of the field said. Hadi Nazarpour, operator of the field’s development project, has said production from the field is growing at a good pace, adding Yadavaran join oilfield is now yielding more crude oil than was ...

DUBAI — McDermott International has been awarded an offshore pipelay contract in the Middle East. The pipelay contract, sizeable in value, includes the engineering, procurement and installation of two oil pipelines offshore. Work on this contract is expected to be completed by the end of the second quarter in 2018. “This contract marks another example where our clients in the ...

STAVANGER — Total E&P UK Limited has awarded Prosafe a contract for the provision of the Safe Caledonia semisubmersible accommodation vessel at the Elgin-Franklin Facility in the UK sector of the North Sea. The firm period of the contract is 134 days, plus additional 30 days option to extend with on-site operations planned to commence May 15, 2017. Total value ...

HOUSTON — W&T Offshore, Inc. has announced that the Ship Shoal 349 A-18 well, its most recently completed well at Mahogany field, was successfully brought on production on Jan. 17, 2017. The well is ramping up to full rates and, thus far, has achieved a production rate of 3,275 bopd and 5.6 MMcfgd, for a total of approximately 4,200 boed ...