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TEHRAN, Feb. 08 (Shana) — The National Iranian Oil Company (NIOC) and Malaysia’s Bukhary International Ventures (BIV) have signed a memorandum of understanding (MoU) for carrying out studies over Iran’s Golshan and Ferdowsi fields. The two sides inked the deal in Tehran on Wednesday. Based on the document BIV will submit the result of its studies to NIOC over the ...

TEHRAN, Feb. 08 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh met his Venezuelan counterpart Nelson Pablo Martinez in Tehran to discuss oil market conditions and OPEC’s production cut. Following the meeting, Martinez said the decision made by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to cut their output has positively influence the market. Implementation of ...

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LONDON (Bloomberg) — BP Plc is falling behind competitors in one crucial measure of its resilience to oil’s slump. The UK company now needs benchmark Brent crude to rise to $60/bbl this year to be able to fund investments and dividends without borrowing, up from a previous estimate of $50 to $55. That means BP is moving in the opposite ...

OSLO (Bloomberg) — Statoil ASA reported an unexpected loss in the fourth-quarter after deepening writedowns on its U.S. shale assets. The adjusted net loss, which excludes financial and other items, was $40 million in the fourth quarter compared with a profit of $185 million a year earlier, the Stavanger-based company said in a report Tuesday. That missed the average forecast ...

HOUSTON — Halliburton has announced the release of the Dash Large Bore Subsea Safety System, which provides full electrohydraulic control of well safety and intervention functions. The fully customizable system brings new benefits to deepwater operators for completion and intervention work that improve critical well control of the subsea safety system, tubing hanger and deepwater subsea field developments. Halliburton collaborated ...

DOHA, Qatar (Bloomberg) — Qatar Petroleum is exploring for oil and gas in Cyprus and Morocco as part of a strategy to expand the tiny Gulf emirate’s global energy investments. The world’s biggest producer of liquefied natural gas known as QP must cope with local limits on growth as it seeks to expand its LNG business and increase its production ...

TEHRAN, Feb. 07 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh and his Omani counterpart Mohammed bin Hamad Al Rumhy held energy talks in Tehran on Tuesday. Iran is planning to export natural gas to Oman through a subsea pipeline. Prior to the Tuesday talks Zangeneh expressed optimism that the talks would bear favorable results for the two countries. “We ...

TEHRAN, Feb. 07 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh says export of petroleum products is an approach adopted by the Iranian Ministry of Petroleum. Addressing a ceremony to break grounds for construction of phase II of a project to stabilize and develop Abadan Oil Refinery, southwestern Iran, the official said Iran is currently meeting most of its energy ...