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OPEC+ Ministers hold Virtual Meeting amid Insane Oil Market
TEHRAN (Shana) -- Several oil and energy ministers of the OPEC–non-OPEC oil producing countries, signatories of the Declaration of Cooperation, held an informal teleconference to brainstorm the current dramatic oil market situation.
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All Iran Sedimentary Basins Located, Prioritized by NIOC: Official
TEHRAN (Shana) -- A senior official with the National Iranian Oil Company (NIOC) underlined the importance of studying and modeling sedimentary basins to ensure exploration in the coming years, adding the exploration department of NIOC had already located and prioritized all sedimentary basins in Iran.
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Petchem Industry Driving Force behind Iran Development
TEHRAN (Shana) -- A member of the Energy Committee of the Iranian parliament said: "The petrochemical industry, as a sustainable and attractive industry, plays an important role in the country's economy and creates value by using the resources available in its development."
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District 7 Gas Transmission Sustains 25bcm Supply
TEHRAN (Shana) -- District 7 of Gas Transmission Operations affiliated with National Iranian Gas Company (NIGC) covers mainly cold regions, including Markazi, Lorestan, Kurdestan, Kermanshah, Ilam, Hamedan and parts of West Azarbaijan and Qazvin provinces.
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Interview with NIDC Weightlifter
Dreaming of World and Olympic Championship
TEHRAN (Shana) -- Iranian weightlifters finished in second place at the 2020 Asian Junior Weightlifting Championships in Tashkent, Uzbekistan. The Iran team won four gold, 10 silver and 5 bronze medals, scoring 641 totally.
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POGC Begins Drilling Operations for 1st Yalda Exploration Well
TEHRAN (Shana) -- The Director of Petroleum and Gas Engineering Department of Pars Oil and Gas Company announced the start of drilling operations for the first exploratory-limiting well in the Kangan and Dalan structures of the eastern part of the South Pars gas field (Yalda Structure).
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Turkey Resumes Repairing Iran-Turkey Gasline
TEHRAN (Shana) -- The director of dispatching at the National Iranian Gas Company announced the start of repairs to the Iran-Turkey gas pipeline in Turkey.
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Petropars to Start Drilling Wells in SP Phase 11 by June
TEHRAN (Shana) – The CEO of Petropars Company said due to the coronavirus outbreak in recent months loading of jackets to South Pars Phase 11 project were delayed but drilling operations would begin in the project by early summer.
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NISOC Creating Jobs in Oil-Rich Southern Regions
TEHRAN (Shana) –The CEO of the National Iranian South Oil Company said: "With the implementation of new projects in southern oilfields, job opportunities will be created in the country."
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Petchem Plant Smashes Output Records
TEHRAN (Shana) – Iran’s Tondgouyan Petrochemical Plant has registered new production records in the previous Iranian calendar year which ended on March 19.
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MP Calls for Supporting Petrochem Industry
TEHRAN (Shana) – A member of the Iranian parliament’s presiding board underlined the necessity of supporting petrochemical industries in order to curb sale of crude oil and gas.
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No Disruption in South Pars Production despite COVID-19 Outbreak
TEHRAN (Shana) – The CEO of Pars Oil and Gas Company (POGC) said the spread of coronavirus had not interrupted gas production from the South Pars joint gas field.
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Refining Capacity of Persian Gulf Star Refinery to hit 480k bpd by September
TEHRAN (Shana) – The gas condensate refining capacity of Iran’s Persian Gulf Star Refinery is planned to grow 60,000 barrels per day (bpd) by September 2020 to hit 480,000 bpd.
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NISOC Operates 1st Well in Output Enhancement Projects
ILAM (Shana) – The CEO of the National Iranian South Oil Company (NISOC) said his company had started production from the first well in a package of projects aimed at enhancing productivity of old oil fields in Iran.
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Iran to Drill 1st SP Phase 11 Well by March 2021
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the first offshore well of South Pars Phase 11 project would be drilled in the current Iranian calendar year which began on March 20.
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Goldman Sachs still sees crude prices falling after OPEC+ deal
(Reuters) - Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a "historic yet insufficient" deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout.
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10th OPEC+ Teleconference
TEHRAN (Shana) -- OPEC+ struck a deal to cut the group’s output by 10 million barrels per day in May and June 2020 which would be accompanied by G20’s decision to cut its oil output by 3.7 mbd within a year. The group men on Sunday evening to finalize a deal that had been hampered by Mexico three days earlier.
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G20 to Cut Output by 3.7mbd along with 9.7mbd by OPEC+
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said OPEC+ had just struck a deal to cut the group’s output by 10 million barrels per day (including 300,000b/d by US) in May and June 2020 which would be accompanied by G20’s decision to cut its oil output by 3.7 mbd for a year.
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OPEC+ Finalises Historic Cut Deal
TEHRAN (Shana) -- The deal covers the group's production level by the next 2 years and will be implemented in 3 stages.
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10th OPEC+ Meeting Begins Online
TEHRAN (Shana) – The 23 members of the coalition of the Organization of the Petroleum Exporting Countries (OPEC) and allies, a group called OPEC+, has just begun via webinar.
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South Pars Gas Refineries Up and Running despite COVID-19 Outbreak
TEHRAN (Shana) – All the refineries processing South Pars gas output are operating normally and there is no drop in their output despite the coronavirus outbreak, an official with the South Pars Gas Complex said.
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Iran Refinery Yields 5.2 bl Euro-4 Petrol in Iranian Year 1398
TEHRAN (Shana) -- Shazand Imam Khomeini Oil Refinery supplied 5.2 billion liters of Euro-4 petrol over the course of the previous Iranian calendar year which ended on March 19.
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9th OPEC+ Meeting held via Webinar
TEHRAN (Shana) -- The 9th meeting of the oil and energy ministers of OPEC and non-OPEC oil producers was held on Thursday, April 9, and lasted over 11 hours as Mexico failed to support a widely endorsed deal to cut the 23-member coalition's crude oil output by 10mbd.
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OPEC+ Clinch 10mbd Output Cut Deal
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the coalition of oil producers at the Organization of the Petroleum Exporting Countries (OPEC) and their non-OPEC allies had agreed to curtail the group’s output by 10 mbd.
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OPEC+ Hammering Out Historic Cut Deal
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the Organization of the Petroleum Exporting Countries (OPEC) and its non-OPEC allies, especially Russia, were finalizing an agreement to cut production by at least 10 million barrels per day.
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OPEC+ Videoconference Meeting Begins
TEHRAN (Shana) -- A crunch videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and Russia started on Thursday evening.
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OPEC vs. Non-OPEC
TEHRAN (Shana) -- The oil price slump following failure of OPEC+ talks in March is the biggest blow to the oil market since the third oil shock; a new scenario is emerging for the oil market.
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Zangeneh Phones Russian, Kuwaiti, Algerian Counterparts on Sinking Oil Prices
TEHRAN (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh discussed the latest oil market developments and price fluctuations with Mohamed Arkab, Algerian Minister of Energy and Mines and the President of OPEC Conference on Tuesday afternoon. He also had a telephone conversation with his Russian and Kuwaiti counterparts on Monday.
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Oil Market hit by 8-Magnitude Quake: Analysts
TEHRAN (Shana) – Look at these remarks made by heads of states in the aftermath of sinking oil prices and demand destruction caused by the coronavirus outbreak: "We will not give in to Saudi oil extortion", "Coronavirus and Saudi Arabia are the cause of falling oil prices", “Russia's energy minister was the first to tell the media that OPEC+ production cuts would face away as of April 1”, "It is a free market and Saudi Arabia and Russia must resolve the price war they have waged which has caused the fall in prices”, "How can Russia and Saudi Arabia not agree and prevent the prices from sinking? What about the responsibility for humanity? Where has global brotherhood gone? Where are the so-called world leaders?”
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Investment in Oil Startups
TEHRAN (Shana) -- The idea of establishing oil startups was first raised less than a year ago by Petroleum Minister Bijan Zangeneh. The minister gave instructions to the Office of Deputy Minister of Petroleum for Engineering, Research and Technology to follow up on the formation of oil startups. To that effect, Petroleum Ministry has now allotted 18,000 of land for knowledge-based and startup companies involved in the oil sector.