News

TEHRAN, May 27 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh sternly denied rumors that the Islamic Republic has been ordered by an international court to undergo penalties for overcharging Turkey for its gas. Speaking to reporters in Tehran, the official made it clear that the prices in the gas deal with Turkey have been modified and no penalties have ...

TEHRAN, May 27 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh says the 172nd meeting of member states of the Organization of the Petroleum Exporting Countries (OPEC) was the “simplest” one since 2013. Speaking following the Thursday meeting of OPEC members in Vienna, Austria, Zangeneh said, “This was the simplest meeting of the members in the past three years that ...

TEHRAN, May 24 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh says extension of the output cut plan of the Organization of the Petroleum Exporting Countries (OPEC) seems to have been unanimously endorsed by the group’s members. Speaking on Wednesday, the official said: “Given the remarks voiced by oil and energy minister of OPEC member states, it is apparent that ...

TEHRAN, May 24 (Shana) — The National Iranian Oil Company (NIOC) signed Iran’s first oil contract with an international consortium comprising Spain’s Tubacex and Isfahan Steel Company in the post-sanctions setting.  

LONDON – BP, Shell and Siccar Point Energy, announced first oil from the redeveloped Schiehallion Area, following completion of the multi-billion-pound Quad 204 project in the west of Shetland region, offshore UK. Schiehallion and the adjacent Loyal fields were first developed in the mid-1990s and have produced nearly 400 MMbo since production started in 1998. With the fields’ redevelopment through ...

HOUSTON — Halliburton Company has announced that it launched drilling operations in the Zhuravlinaya area of the Vostochno-Taimyrsky license block for Lukoil in early April. The project involves Halliburton constructing a 5,500-m exploration well, in addition to delivering an integrated service package which includes directional drilling, drill bits, drilling fluids, well cementing and other services. The project is well underway ...

IRVING, Texas — Exxon Mobil Corporation has announced positive results on the Muruk-1 sidetrack well in the Papua New Guinea North Highlands, 13 mi (21 km) northwest of the Hides gas field. The Muruk-1 sidetrack well encountered high-quality sandstone reservoirs southwest of the Muruk-1 natural gas discovery announced in late 2016. The sidetrack well was safely drilled to 13,550 ft ...

MOSCOW — President of LUKOIL Vagit Alekperov and governor of Kaliningrad Region Anton Alikhanov signed an agreement on cooperation between the company and the regional government for 2017-2022, in Kaliningrad today. The agreement aims to develop an infrastructure for the petroleum products market, introduce innovative technologies for the production of hydrocarbons, protect the environment and use natural resources rationally. The ...

PARIS — Total and Mauritania have signed an exploration and production contract to perform exploration works on Block C7, which covers an area of 7,300 km2. The Group will be the operator with a 90% interest alongside the Société Mauritanienne des Hydrocarbures et de Patrimoine Minier (SMHPM) holding the remaining 10%. “This agreement is part of Total’s strategy to explore ...