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LONDON — BP and PTT Public Limited Company (PTT) have entered into a sales and purchase agreement for liquefied natural gas. Under the agreement, BP will provide PTT with approximately 1 million tonnes of LNG per annum.  The term of the agreement is 20 years.  LNG supply will commence in 2017 and will be sourced from BP’s diverse portfolio of ...

DOHA, Qatar (Bloomberg) — Energy companies in the Middle East reduced their borrowing by 26% in 2016 as an increase in oil prices late in the year provided revenue needed for exploration and production. Bonds and loans issued by energy producers in the six-nation Gulf Cooperation Council declined 26 percent to $17.5 billion from a record $23.7 billion in 2015, ...

TEHRAN, Jan. 02 (Shana) — Iran says all its petrochemical facilities are operating and they have been faced with no shortages in feedstock supply despite Turkmenistan’s abrupt cutting of gas flow to northern Iranian provinces. Ali Mohammad Bossaqzadeh, director of production control at the National Petrochemical Company (NPC), reacting to Turkmenistan’s Sunday move to halt gas flow to Iran, said ...

TEHRAN, Jan. 01 (Shana) — Turkmenistan has cut its gas supplies to Iran in an unexpected move one day after the two neighboring countries announced they had reached an agreement to continue their gas cooperation for at least 5 years. Reacting to the move by the national gas company of Turkmenistan, Turkmengaz, the National Iranian Gas Company (NIGC) issued a ...

TEHRAN, Jan. 02 (Shana) — The National Iranian Oil Company (NIOC) has released the list of 29 qualified foreign oil and gas exploration and production (E&P) companies for attending tenders aimed at developing upstream projects in Iran’s oil sector, in big step to opening up Iran’s oil and gasfields to western investment.. NIOC is planning to put to a round ...

TEHRAN, Jan. 02 (Shana) — A senior Iranian petrochemical official says Iran’s export of petrochemical products will hit 20 million tons by the end of the current Iranian calendar year to March 21 2017. Farnaz Alavi, director of planning and development at the National Petrochemical Company (NPC), said Iran’s petrochemical production capacity will hit 64 million tons by the end of ...

TEHRAN, Jan. 01 (Shana) — Iran’s National Petrochemical Company (NPC) has said the formula used for determining price of petrochemicals will stay unchanged in Iran for at least the next 10 years. Managing Director of NPC Marziyeh Shahdaei said on Sunday that the pricing formula will not change for at least 10 years from now. Pricing formula is a key ...

TEHRAN, Jan. 01 (Shana) – A senior Iranian oil official says the country has plans to bring its oil recovery rate to an average of 40% in a 30-year period. Gholamreza Manouchehri, deputy managing director of the National Iranian Oil Company (NIOC) for Development and Engineering Affairs, said the company has plans to employ enhanced oil recovery (EOR) and improved ...

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