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TEHRAN, Apr. 09 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh said presence of foreign developers in oil and gas projects in Iran would ensure economic stability and development in oil industry while keeping the enemies away. Addressing the Parliament on Sunday, the official said Iran can already cooperate with a limited number of foreign firms in oil projects; a ...

TEHRAN, Apr. 09 (Shana) — Iran says foreign direct investments (FDI) would be needed for developing oil fields in Caspian Sea. Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor said foreign investors and developers would engage in development of oil and gas fields in the Caspian Sea in the wake of the eased sanctions on Tehran’s economic ...

TEHRAN, Apr. 08 (Shana) — Iran will be recovering over half a million barrels per day of crude oil by late-June 2017, a senior Iranian oil official said. Managing Director of Petroleum Engineering and Development Company (PEDEC) Nouredding Shahnazizadeh said Iran’s total crude oil production from South and North Azadegan, South and North Yatan, Yadavaran and Darkhowin oilfields will reach ...

DOHA — Qatar Petroleum and Exxon Mobil signed an exploration and production sharing contract with the government of the Republic of Cyprus for offshore Block 10. Before the signing ceremony, the Republic of Cyprus President, Nicos Anastasiades received at the presidential palace in Nicosia, Saad Sherida Al-Kaabi, the president and CEO of Qatar Petroleum along with Andrew Swiger, senior VP ...

STAVANGER — Statoil and license partners have decided to use the semisubmersible rig Transocean Spitsbergen on three exploration wells in the UK, and then on a six-well production drilling campaign on the Aasta Hansteen licence in Norway. The exploration drilling campaign in the UK will be conducted for the Mariner, Jock Scott and Verbier licenses, and is planned to start ...

MOSCOW — PJSC LUKOIL began drilling of the first 5,500 m prospecting and appraisal well (1P) in the Vostochno-Taymyrsky license area, Krasnoyarsk Territory, six months before the scheduled deadline. LUKOIL is the first company to drill such a deep well into Lower Cambrian strata in the region. Well No. 1P is a vertical six-string well. According to the design documentation, ...

MUMBAI (Bloomberg) — The overseas arm of India’s biggest oil and gas explorer intends to spend more than $3 billion on Iran’s Farzad-B natural gas block. ONGC Videsh last month submitted a revised plan to the Iranian government for the block, which the company will be able to develop within five years, Managing Director N.K. Verma told reporters in Mumbai ...

DUBAI (Bloomberg) — Shares in Abu Dhabi National Energy Co. soared for a second day amid investor speculation the government will step in after the oil company known as Taqa reported a record $5.2-billion loss. The stock climbed 9.6% to 0.57 dirham, closing at the highest since Nov. 13, after adding 13% on Sunday. Trading volumes exceeded 15 million shares ...

LONDON (Bloomberg) — Saudi Arabia is to tweak the benchmark it uses to sell its crude in Europe, in a concession to refiners in the region that have long complained about their ability to hedge using the current measure. Saudi Arabian Oil Co., as the country’s state-owned company is formally known, will sell crude into Europe, Africa and Latin America ...

TEHRAN, Apr. 04 (Shana) — The National Iranian Drilling Company (NIDC) successfully drilled 193 oil and gas wells during the previous calendar year which ended on March 20. An NIDC official, Naser Qolipour says 50 of the wells were completed 742 days ahead of plans. He said the company drilled 293,605 meters of wells during the same year. NIDC is ...