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Iranian Minister of Petroleum Bijan Zangeneh says Tehran supports moves like the Doha conference which are aimed at tackling the consistent market volatility, saying that OPEC member “Iran has never had a role in the market instability”.   During a live radio interview, Zangeneh said certain oil-producing countries opposed lifting of sanctions on Iran right from the beginning and for ...

The companies latest fleet report confirms that Shell have awarded a 2 year extension for the Noble Hans Deul at the reduced rate which will take effect from August 2016. The contract was originally started in August 2014 and the extension secures work for the rig until August 2016. The new terms state: ‘The client has the right to early ...

Iranian Minister of Petroleum Bijan Zangeneh said Iran has signed a deal with European customers for the export of 0.7 million barrels per day. “The European Union regards Iran as a creditable and reliable partner for energy supply,” said the Iranian official following a meeting with European Union Commissioner for Climate Action and Energy Miguel Arias Canete here in Tehran ...

Royal Dutch Shell (RDSa.L) could sell some of its older, lower grade North Sea assets to improve the quality of its portfolio, CEO Ben van Beurden said on Tuesday, part of a two-year programme to help finance its purchase of gas major BG Group. After completing the $52 billion acquisition of BG in February, Shell said it would sell $30 ...

A record number of rigs are drilling for oil and gas on the Arabian peninsula even as drilling in the rest of the world tumbles in response to low prices. There were almost 290 rigs active in Saudi Arabia and the neighboring states of Kuwait, the United Arab Emirates and Oman in March, according to oilfield services company Baker Hughes. ...

A senior official with National Iranian Oil Company (NIOC) says the company is considering cooperation with Germany’s Wintershall in research and development (R&D) projects. Ali Kardor, NIOC’s deputy managing director for investment and finance, told Shana that Wintershall has indicated willingness to cooperate with NIOC in research and development areas and the two companies may start cooperation in the future. ...

BP and Kuwait Petroleum Corporation (KPC) have signed a framework agreement to explore possible joint opportunities for investment and cooperation in future oil, gas, trading and petrochemicals ventures. Signed by BP CEO Bob Dudley and KPC CEO Nizar Mohammad Al-Adsani, the agreement paves the way for both companies to jointly invest and cooperate in oil and gas projects in Kuwait ...

The Iranian Offshore Oil Company (IOOC) signed 85 operation, development, construction, and service contracts last year (ended March 19) as 15 of contracting parties came from foreign entities, said an official of the firm. “Total value of the contracts was IRR 6,400 billion and 700 million euros based on 120 tender notices and 85 contracts with foreign and domestic parties,” ...

BP has appointed a new head for its integrated supply and trading (IST) business in the eastern hemisphere, industry sources said on Friday. Janet Kong, currently head of trading analytics for the eastern hemisphere, will take over from Andy Milnes to head the business unit later this year, they said. The IST is BP’s face to the traded markets in ...

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 ...