Archive News

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 ...

CHICAGO (Bloomberg) — Chevron Corp. posted its first annual loss since at least 1980, signaling the difficulties faced by the world’s biggest oil companies as they struggle to emerge from the worst collapse in a generation. The company had a $497 million loss last year and failed to replace all of the crude and natural gas it pumped with new ...

TEHRAN, Jan. 25 (Shana) — An Iranian oil exploration and production (E&P) has signed a memorandum of understanding (MoU) with Austria’s OMV for cooperation in upstream oil projects in Iran. OMV, the international, integrated oil and gas company based in Vienna, and Dana Energy company, a leading Iranian company active in oil and gas upstream field development activities, signed a ...

TEHRAN, Jan. 25 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh says Iran’s crude oil output is at 3.9 million barrels per day. Speaking on the sidelines of a government cabinet meeting on Wednesday, the official said Iran is now pumping 3.9 million barrels of oil per day. He said a heads of agreement (HoA) has been signed between the ...