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Petroleum Minister Bijan Zangeneh said the global oil market will stabilize in less than a year if major producers intervene. He made the comments following a meeting with Russian Energy Minister Alexander Novak here on Monday saying that the production freeze to stabilize the market will be the first step by the major producers from OPEC and non-OPEC countries. “It ...

Kuwait will commit to a potential global oil production freeze only if major oil producers, including Iran, agreed to join the pact, the Gulf OPEC member’s acting oil minister said on Tuesday. “If there is an agreement, Kuwait will commit to the freeze,” Anas al-Saleh told reporters in Kuwait city. Asked what would happen if not all producers agreed to ...

ASTANA, March 10, 2016 – Kazakhstan has plans to revert to its original 2016 oil output target of 564 million barrels should the oil price remain above USD 40, the country’s minister of oil and gas, Vladimir Shkolnik, said on Thursday. In February, Kazakh Economy Minister Yerbolat Dosayev downgraded Kazakhstan’s 2016 oil production forecast to 542 million barrels. By contrast, ...

Russia will export about 180,000 bopd more in 2016 as compared to last year, analysts said Friday. According to ESAI Energy, exports via pipelines and Far East ports leading directly to Asia will only increase by 50,000 bopd, with the remainder of the growth coming in outflows from European ports. Higher exports from European ports will encourage greater outflows of ...

Offshore driller Hercules Offshore has seen cuts in dayrates for three of its drilling rigs operating in Saudi Arabia. Hercules Offshore on Thursday said that it received from Saudi Aramco on March 9, 2016, a notice reducing the dayrates under its five year contracts for the Hercules 261 and Hercules 262 from $67,000 per day to $63,650 per day. The ...

This conference which was held in 20th and 21st of January 2016 in IRIB conference center is aimed to increase the efficiency of oil and gas wells’ drilling emphasizing on the power of country’s companies Entrance of country’s drilling services providers to the upstream of petroleum industry development was emerged in a different way. Birth of the companies which are based ...

Deputy of National Iranian Drilling Company announced, the company new heavy land rig has become operational and spudded its first well in Shadegan oil field located in Khozestan province. The new rotary rig Fath-91 is one of the most advanced and could be used in drilling exploration & description wells as deep as 18000 feet (6000 meters). It is also ...

  This conference which is  be held in 20th and 21st of January 2016 in IRIB conference center is aimed to increase the efficiency of oil and gas wells’ drilling emphasizing on the power of country’s companies Our group was held some conferences such as Iran Drilling Services 2016 and 2nd Iran Drilling congress.our group also is a media group that publish ...

Iran’s National Petrochemical Company (NPC) and the French energy Giant, Total, have signed a memorandum of understanding (MoU) to build a petrochemical complex in Iran. The MoU was signed during the visit of a high-profile delegation from Total to Iran last week. Accordingly, Total has agreed to initiate appraisal studies for construction of the project in Iran. The complex will ...

Smith Bits, a Schlumberger company, announced today the release of the AxeBlade ridged diamond element bit, which incorporates new-geometry Axe ridged diamond elements across the bit face. These bits improve rates of penetration (ROP) in a wide range of formations and steering response in directional applications, according to Schlumberger. “The drill bit market is performance-driven and seeks polycrystalline diamond compact ...