MOSCOW — Gazprom Neft has discovered a new field in the Sorochinsky district of Orenburg Oblast. Reservoir engineers have estimated the new discovery, called Novosamarskoye field, has oil-in-place reserves of more than eight million tonnes. This is the first discovery in the area under investigation, which company specialists believe contains a series of smaller deposits. The field was discovered following the drilling of an exploratory well which, ...

LONDON (Bloomberg) — Russia and Kazakhstan said they’ve met or exceeded their initial goals for trimming oil output, bringing cuts by non-OPEC nations in the first 10 days of this year to more than a quarter of the total pledged a month ago in Vienna. Russia’s oil production has shrunk by around 130,000 bpd in the first week of January, ...

HOUSTON — Noble Energy has finalized the previously announced bolt-on transactions which have added approximately 7,200 net acres to the company’s Southern Delaware basin position in Reeves County, Texas. The properties, which include associated production of approximately 2,400 boed, are located within and directly adjacent to the company’s existing acreage. Noble Energy’s acreage position and production in the basin has ...

BAGHDAD (Bloomberg) — Iraq has reduced its oil production by 160,000 bpd and will comply with cuts it agreed to make under an OPEC output deal, Oil Minister Jabbar Al-Luaibi said, even as ship loading data suggested that exports are set to increase next month. OPEC’s second-biggest producer is poised to ship 3.64 MMbopd in February from its ports in ...

TEHRAN, Jan. 11 (Shana) — Tehran and Baghdad are in talks to strike deals regarding development of two joint oilfields, a senior Iranian petroleum official said. Deputy Petroleum Minister in International Affairs and Trading Amir Hossein Zamaninia said during a recent visit of an Iranian delegation to neighboring Iraq, the two sides discussed avenues for establishing oil ties and cooperation ...

SINGAPORE (Bloomberg) — Saudi Arabia is staying in the battle for market share by continuing to pump the type of oil that’s similar to rival U.S. and African supply, while fulfilling its promise to cut output by focusing curbs on other varieties. The nation plans to idle some fields producing the Arab Medium and Arab Heavy grades to meet its ...

TEHRAN, Jan. 08 (Shana) — Managing Director of the National Iranian Gas Transmission Company Saeid Tavakoli says the company has altered its strategy in gas supply to northern provinces in order to ensure gas supply to the region now that Turkmenistan has cut off its gas flow to the region. Tavakoli said gas pressure in northern provinces is aligned with ...

TEHRAN, Jan. 08 (Shana) — Managing Director of National Iranian Tanker Company (NITC) Sirous Kian Ersi says dozens of foreign customers have signaled keenness to tap NITC’s shipping capacity for carrying crude oil and petroleum products since the sanctions’ removal. He said restrictions regarding classing and insuring NITC fleet by leading international insurers have been eased thanks to the removal ...

TEHRAN, Jan. 07 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh wrote Parliament Speaker Ali Larijani a letter on Saturday expressing satisfaction at the parliament’s decision to cancel Article 53 of the budget bill that would allow supply of feedstock to petrochemical plants at a lower price that what the petroleum ministry had proposed. Zangeneh, through the letter, said cancellation of ...

TEHRAN, Jan. 07 (Shana) — Managing Director of Arvandan Oil and Gas Company (AOGC) Soltan Kamali said his company’s production capacity has reached 400,000 barrels per day from less than 100,000 before Rouhani took office as Iranian president in 2013. Kamali said the company’s output will cross 450,000 by the end of the current calendar year to March 21. Arvandan ...