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TEHRAN, Jan. 08 (Shana) — Managing Director of National Iranian Tanker Company (NITC) Sirous Kian Ersi says dozens of foreign customers have signaled keenness to tap NITC’s shipping capacity for carrying crude oil and petroleum products since the sanctions’ removal. He said restrictions regarding classing and insuring NITC fleet by leading international insurers have been eased thanks to the removal ...

TEHRAN, Jan. 07 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh wrote Parliament Speaker Ali Larijani a letter on Saturday expressing satisfaction at the parliament’s decision to cancel Article 53 of the budget bill that would allow supply of feedstock to petrochemical plants at a lower price that what the petroleum ministry had proposed. Zangeneh, through the letter, said cancellation of ...

TEHRAN, Jan. 07 (Shana) — Managing Director of Arvandan Oil and Gas Company (AOGC) Soltan Kamali said his company’s production capacity has reached 400,000 barrels per day from less than 100,000 before Rouhani took office as Iranian president in 2013. Kamali said the company’s output will cross 450,000 by the end of the current calendar year to March 21. Arvandan ...

TEHRAN, Jan. 07 (Shana) — Lorestan Petrochemical Plant has come on-stream with 90% of its nameplate production capacity, the facility’s CEO said. Mohammad Hossein Maghazehei said the plant has produced 137,000 tons of petrochemicals since the beginning of the current Iranian calendar year on March 20 2016. He said the plant is currently operating at 90% of its nameplate capacity, ...

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HOUSTON — W&T Offshore announced that its Ship Shoal 359 A-18 well has logged 149 ft of net oil pay in five zones and extended the size and depth of the Mahogany field.  The SS 349 A-18 well was drilled on the western side of the Mahogany field to extend the productive limit of the ‘T’ sand, which was discovered ...

SHANGHAI, China — Wison Offshore & Marine has announced that the company has developed a range of practical solutions for floating power supply. With design philosophy of “plug-in power,” all products which are named W-FSRP series (Wison-Floating Storage Regasification and Power generation) feature integrated functions of LNG loading and storage facilities, regasification and power generation. The smallest unit starts at ...

HOUSTON — C&J Energy Services, Inc., has announced that effective as of Jan. 6, 2017, the Company has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, having satisfied all of the conditions to the effectiveness of its plan of reorganization. Through this financial restructuring, C&J has significantly improved its financial position by eliminating approximately $1.4 billion of ...

TEHRAN, Jan. 04 (Shana) — Managing Director of the Philippine National Oil Company Pedro A. Aquino has said Iran is the land of opportunities, voicing his company’s keenness to join petroleum projects in Iran. Speaking in Tehran, the Philippine official said his company seeks investments in oil-rich regions in west Asia, saying Iranian petroleum experts are at a top level ...

TEHRAN Jan. 04 (Shana) — A senior petrochemical official says Iran is likely to raise its output by 10 to 20% this year from a year ago. Ali Mohammad Bossaqzadeh, director of production control at National Petrochemical Company (NPC), said Iran’s petrochemical output showed a 5 to 10% growth in the first half of the current Iranian calendar year which ...