Archive News

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 ...

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 ...

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 ...

Managing Director of the National Iranian Oil Company (NIOC) Rokneddin Javadi said that Iran has increased its crude oil export to 1.8 million barrels a day. Speaking at a company meeting on Wednesday, he said that post-sanctions development will be the main item on the oil industry’s agenda during the Fifth Five-Year Economic Development Plan. He set the 4-billion-barrel output ...

National Iranian Drilling Company (NIDC) has drilled over 113km of earth at South Azadegan development project. Manouchehr Asadi, NIDC’s project manager, has said drilling projects at the oilfield, which Iran shares with neighboring Iraq, are 75% complete. NIDC has placed 8 drilling rigs in the region which have so far finished spudding 28 wells and are to drill another 8 ...

Managing director of the National Iranian Drilling Company (NIDC) said the firm needs to buy offshore rigs worth 200 million dollars as negotiations are underway with domestic and foreign investors from Asia and Europe. “Number of drilling rigs will increase to 80 next year (starting March 21),” Heydar Bahmani told Shana saying that NIDC currently owns 75 rigs. Bahmani added ...

9 out of 13 members of International General Insurance (IGI) have suggested to offer insurance risk coverage to Iran, a senior petroleum official said. Mohsen Qamsari, director of international affairs of the National Iranian Oil Company (NIOC), said the India, China and Turkey are traditional customers of Iran’s crude oil and ship their purchases by using Iranian insurance coverage. He ...