Archive News

TEHRAN, Jan. 24 (Shana) — The National Iranian Oil Company (NIOC) says it will hold a tender for developing South Azadegan oilfield in the near future. Managing Director of NIOC Ali Kardor said on Tuesday that the company has planned a tender for developing the field soon. He also expressed hope that a deal for developing phase 11 of the ...

TEHRAN, Jan. 24 (Shana) — Iran has raised its natural gas production capacity by 600,000 cubic meters per day by launching Well No. 45 of Tabnak gas field at Parsian Operating Area. South Zagros Oil and Gas Company has launched the well with the capacity to produce 600,000 cubic meter of natural gas per day. Badiollah Mousavi, operator of the ...

TEHRAN, Jan. 24 (Shana) — Government Spokesperson Mohammad Baqer Nobakht says Iran’s oil income is being transferred to the country without any trouble, adding the country will receive IRR 685,000b of its oil cash by the calendar yearend. Speaking on Tuesday, Nobakht said, “Under the current circumstances we can receive our oil money without any trouble.” He said Iran is ...

HOUSTON — BP today announced that it has started up the Thunder Horse South Expansion project in the deepwater Gulf of Mexico, 11 months ahead of schedule and $150 million under budget. The project is expected to boost production at the facility by an estimated 50,000 boed gross, further increasing output at one of the largest oil fields in the ...

HOUSTON (Bloomberg) — Schlumberger is waiting for the rest of the world’s oil producers to catch up to the North American crude recovery. The world’s largest oilfield service provider sees international spending picking up in the second half of the year and into 2018, CEO Paal Kibsgaard told analysts and investors on an earnings conference call Friday. That will follow ...

LONDON (Bloomberg) — Representatives of OPEC and several other major oil producers will start arriving in Vienna on Friday for their first meeting to monitor compliance with an agreement to cut output. Ministers from Saudi Arabia, Kuwait, Algeria and Venezuela will meet counterparts from non-OPEC nations Russia and Oman to figure out ways to verify that the 24 signatories to ...

TEHRAN, Jan. 17 (Shana) — First Vice President Eshaq Jahangiri said one of the outcomes of implementation of the Joint Comprehensive Plan of Action (JCPOA) is that Iran’s export of crude oil and gas condensate has reached its highest level since the 1979 Islamic Revolution. “In less than a year, Iran’s export of crude oil and gas condensate has reached ...

TEHRAN, Jan. 18 (Shana) — Iran has opened its first oil industry museum in the southwestern city of Abadan. The museum is Iran’s oldest gas station that was established in Abadan in 1927 by British Petroleum. At that time it provided oil and gasoline for household and transportation sectors. It also served airplanes. Petroleum industry museums in Abadan are to ...

HOUSTON — Halliburton has signed a contract with Shell Iraq Petroleum Development to provide drilling services for sustained production at Shell’s Majnoon oil field in Southern Iraq. Under the contract, Halliburton will mobilize three rigs to drill development wells and carry out workover activities over the next two years. “We are pleased to be awarded this work and the opportunity ...

DAVOS, Switzerland (Bloomberg) — BP boss Bob Dudley is not yet ready to boost spending despite the rebound in oil prices. The company will keep capital expenditure below $17 billion this year and next, CEO Dudley said in a Bloomberg television interview in Davos, Switzerland. That’s $6 billion lower than 2014, when crude prices first started to slump, showing that ...