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IOOC Experts Repair Oil Pump at Forouzan Offshore Platform
TEHRAN (Shana) -- The turbine turbo-pump of Forouzan joint field was repaired by the specialists of the Iranian Offshore Oil Company (IOOC) in Khark operational district and was returned to Forouzan platform.
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Iran OPEC Boss in Coma after Brain Haemorrhage
TEHRAN (Shana) -- Iran's veteran OPEC Governor Hossein Kazempour Ardebili has slipped into a coma after a severe brain haemorrhage.
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ICOFC Drills 9 Wells Last Year
TEHRAN (Shana) – The Iranian Central Oilfields Company (ICOFC) successfully drilled 27,000 meters last calendar year which ended on March 19.
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Issuance of Sukuk Securities Authorized to Fund Oil, Gas Projects
TEHRAN (Shana) -- The First Vice President, Eshaq Jahangiri, signed off on the executive bylaws for the issuance of Islamic compliant securities (Sukuk) in the calendar year of 1399 (which began on March 20) to be enforced by the relevant organs.
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MOS Launched in South Yaran Oilfield
TEHRAN (Shana) – A Mobile Oil Separator (MOS) has been launched in South Yaran Oilfield Development Project.
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Operations under Way in Goreh-Jask Pipeline
TEHRAN (Shana) – Construction of the Goreh-Jask oil pipeline is under way in all sectors of the strategic project in full compliance with health protocols.
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NIDC Drills 15 Wells in March 20-April 20
TEHRAN (Shana) – The National Iranian Drilling Company (NIDC) has successfully spudded 15 oil and gas wells in oil-rich regions of the country in the first month of the Iranian calendar year (March 20-April 20, 2020).
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WTI, April 20 and What Happened
TEHRAN (Shana) -- What happened on April 20, 2020 in the oil futures market? Why the benchmark US oil prices did headed to negative territory for May 20 delivery? Will the futures contract price for WTI crude for June 2020 also be negative? Why are the prices for some crude oil in the United States and Canada single-digit or negative? To get the answers to these questions, don't miss this report, which was sent to Shana by an oil market analyst familiar with the oil market.
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US Crude Oil Plunges below zero in Unprecedented Wipeout; Why?
TEHRAN (Shana) – Monday, April 20, 2020, was a historic day for New York Mercantile Exchange's (NYMEX) crude oil contracts as the price of the item plummeted to minus $ 37.63 for the first time in the industry’s history. Here is why all this happened.
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Iran Economy Least Affected by Falling Oil Prices: Rouhani
TEHRAN (Shana) -- Iranian President Hassan Rouhani said that falling oil prices would have the least impact on the Iranian economy as the country was not completely reliant on oil anymore.
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OPEC cannot Address Oil Market Crash Alone: Zangeneh
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh described the recent drop in oil prices as unprecedented, and said, “Resolving crude oil issues need global support, and producers must work together in order to survive, especially producers who produce more expensive crude.”
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How Us WTI Crude Fell Below Zero
TEHRAN (Shana) -- The Director of International Affairs at the National Iranian Oil Company (NIOC) said the impact of the fall in crude oil prices by more than $55 on Monday, April 20, on the East Asian market was about $3 as WTI is not used as a benchmark for pricing Iranian crude oil.
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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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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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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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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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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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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.
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Skid-Mounted Processing Facility at South Azadegan
TEHRAN (Shana) -- National Iranian Oil Company (NIOC) intends to engage Iranian and/or foreign companies in the construction of skid-mounted processing facilities using the build-operate-own (BOO) method.