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ST. PETERSBURG — Gazprom Neft has met its annual production targets at the Prirazlomnaya offshore platform, with a total 2,154,000 tonnes of ARCO (Arctic Oil) being produced at the field in 2016—a more than 2.5-fold increase on 2015 volumes. Prirazlomnaya is the only field on the Russian Arctic Shelf at which commercial hydrocarbon production is ongoing. Oil produced at Prirazlomnoye ...

NEW YORK (Bloomberg) — OPEC appears to have persuaded investors that it’s making good on promised production cuts. Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other producers reduce crude output. Saudi Arabia has said more than 80% of the targeted reduction of ...

DUBAI (Bloomberg) — Lukoil is seeking opportunities for growth in the Middle East as Iran opens more of its oil fields to international partners, according to the Russian energy company’s regional head. The Moscow-based company plans to add output from the region to existing operations in Iraq and Egypt as long as it finds projects with production costs as low ...

TEHRAN, Jan. 30 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh said crude oil suppliers are content with the price of oil in the range of 55 to 60 dollars a barrel, adding the market is moving towards restoration of supply-demand balance. “The oil market is moving towards rebalancing of supply of demand and no one has ever imagined this ...

TEHRAN, Jan. 30 (Shana) — Iran is to launch 270 kilometers of the 6th Iran Gas Trunkline (IGAT-6) on Tuesday in order to ensure sustainable gas supply to western provinces of the country and exports to Iraq. The pipeline is being launched in a ceremony on the first day of the Fajr Decade, marked as the anniversary of the victory ...

TEHRAN, Jan. 30 (Shana) — Iran is currently recovering 115,000 barrels of crude oil from Yadavaran oilfield which it shares with neighboring Iraq, operator of the field said. Hadi Nazarpour, operator of the field’s development project, has said production from the field is growing at a good pace, adding Yadavaran join oilfield is now yielding more crude oil than was ...

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