oil

  • 10th OPEC+ Teleconference

    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.

  • OPEC+ Clinch 10mbd Output Cut Deal

    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.

  • Zangeneh Phones Russian, Kuwaiti, Algerian Counterparts on Sinking Oil Prices

    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.

  • Oil Market hit by 8-Magnitude Quake: Analysts

    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?”

  • Investment in Oil Startups

    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.

  • Skid-Mounted Processing Facility at South Azadegan

    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.

  • Skid-Mounted Oil Refineries Envisaged

    Skid-Mounted Oil Refineries Envisaged

    TEHRAN (Shana) -- Iran’s state-run National Iranian Oil Company (NIOC) has decided to invest in crude oil processing projects through implementing build-operate-own (BOO) method.

  • NIDC Drills 6 Wells in 15 Days

    NIDC Drills 6 Wells in 15 Days

    TEHRAN (Shana) – The National Iranian Drilling Company (NIDC) has spudded 6 oil and gas wells over the first 15 days of the current Iranian calendar year which began on March 21.

  • Darquain-3 Up for Investment

    Darquain-3 Up for Investment

    TEHRAN (Shana) -- West Karoun is now known to Iranians. This border area is expected to form Iran’s oil civilization. According to plans, Iran intends to increase output from the 11 oil fields located in West Karoun by 1 mb/d within four years. The Darquain field will have a 200,000 b/d share in the above figure. Darquain which lies in Khuzestan Province is 45 kilometers north of the city of Khorramshahr and 100 kilometers south of the oil-rich city of Ahvaz. The field is expected to see its output exceed 220,000 b/d once phase 3 development is fulfilled.

  • How Iran’s Oil Attracted US

    How Iran’s Oil Attracted US

    TEHRAN (Shana) -- The United States suffered least damage among the nations involved in the World War I and World War II. It escaped unscathed even from devastating post-war crises, and even upgraded its political, economic, military and cultural power on a daily basis. In the 1950s, nobody heard any more about Italian Fascism and German Nazism, as Europe was divided between Capitalists and Communists. As the world came closer to mid-1860s, it became further polarized: one pole led by the US and the other led by the Soviet Union.

  • NISOC to Run New Projects to Maintain Oil Production

    NISOC to Run New Projects to Maintain Oil Production

    KHUZESTAN (Shana) -- The CEO of the National Iranian South Oil Company (NISOC) said the company was about to launch 7 project packages for maintaining and enhancing crude oil production in the fields it operates.

  • OPEC, non-OPEC Agreement Reachable before April: Zangeneh

    OPEC, non-OPEC Agreement Reachable before April: Zangeneh

    VIENNA (Shana) – Iranian Minister of Petroleum Bijan Zangeneh says OPEC+ could reach an agreement to consider deeper cuts in the group’s output before the end of March.

  • Iran Ends Monopoly of Building Key Oil Industry Items

    Iran Ends Monopoly of Building Key Oil Industry Items

    TEHRAN (Shana) -- The CEO of Iranian Oil Terminals Company announced construction of the NQ900 electric actuator and automatic sampler controller by local experts.

  • Over 70% of Oil Industry Equipment Localized: Iran

    Over 70% of Oil Industry Equipment Localized: Iran

    TEHRAN (Shana) – A senior Iranian industrial official says the country has indigenized manufacturing of over 70% of the equipment used in the petroleum industry.

  • Iran Envoy to Austria, OPEC Secretary-General Meet in Vienna

    Iran Envoy to Austria, OPEC Secretary-General Meet in Vienna

    TEHRAN (Shana) -- The Iranian ambassador and permanent representative to international organizations in Vienna met with the OPEC secretary-general to discuss the oil market developments following the spread of the Coronavirus in China.

  • Iran-Made Fath 72 Drilling Rig Unveiled

    Iran-Made Fath 72 Drilling Rig Unveiled

    TEHRAN (Shana) – Fath 72 Drilling Rig, built by Academic Center for Education, Culture and Research (ACECR), has been unveiled in a ceremony attended by Iranian Minister of Petroleum Bijan Zangeneh.

  • Petropars Awarded Project to Develop Forouzan Oilfield

    Petropars Awarded Project to Develop Forouzan Oilfield

    TEHRAN (Shana) – The CEO of the Petropars Group said his company had won a tender to develop a production maintenance and enhancement project in Forouzan Oilfield.

  • NIOC to Sell 6 mb of Crude Oil, Gas Condensate at IRENEX

    NIOC to Sell 6 mb of Crude Oil, Gas Condensate at IRENEX

    TEHRAN (Shana) – The National Iranian Oil Company (NIOC) has planned to sell 6 million barrels of heavy and light crude oil and gas condensate at the international floor of the Iran Energy Exchange (IRENEX).

  • Iran Supports Unanimous OPEC Output Cut Plan: Zangeneh

    Iran Supports Unanimous OPEC Output Cut Plan: Zangeneh

    TEHRAN (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh said the country could support deeper cuts in crude oil output of the Organization of the Petroleum Exporting Countries (OPEC) if a majority of the members agreed with it.

  • Iran Boosts Darkhovin Oil Output

    Iran Boosts Darkhovin Oil Output

    TEHRAN (Shana) -- The CEO of Arvandan Oil and Gas Company said the production capacity of Darkhovin Oilfield had increased by 20,000 b/d over the course of the past 12 months.

  • NISOC Saves Costs by Localizing Demulsifiers

    NISOC Saves Costs by Localizing Demulsifiers

    TEHRAN (Shana) -- The localization and optimal use of demulsifiers by the National Iranian South Oil Company (NISOC) have resulted in cost savings of the company by over Rl. 270 billion.

  • Oil Figures in Iran’s Contemporary History: From Conspiracy to Death

    Oil Figures in Iran’s Contemporary History: From Conspiracy to Death

    TEHRAN (Shana) -- Iran’s oil history has been into ups and downs. It would not be exaggeration if we say that we have had several hundred years of history throughout one hundred years of oil operation. In historical events, some persons have played significant roles, leading either to success or to failure. Some have served the country and some have turned out to be traitors. In fact, such figures make history and drive it forward. Decisions and behaviors of historical figures have been influential on Iran’s contemporary history. Getting to know this history can open a bright horizon for us. Here we review some of these figures:

  • 2019 Oil Market Hotbeds

    2019 Oil Market Hotbeds

    TEHRAN (Shana) -- The year 2019 was fraught with events for global oil markets. However, as far as the pricing was concerned the impacts were weak and short-lived on the market. That could have largely affected the oil market in the middle of the decade, but by the end of the last decade of the 21st century, the impact has been meager. In other words, 2019 ended the same way it had started. No significant development was witnessed in the trend of prices with which are mainly concerned producers, consumers, speculators and market analysts. Nonetheless, in the final hours of 2019, oil prices experienced an unpredicted jump to cross $70 a barrel, an unprecedented record since 2018.

  • Azadegan Up for Investment

    Azadegan Up for Investment

    TEHRAN (Shana) -- The Azadegan oil field is Iran’s largest oil field and the third largest field in the world, just behind Saudi Arabia’s Ghawar and Kuwait’s Burgan oil fields. Azadegan was discovered in 1997. It covers an area of 20 kilometers in width and 75 kilometers in length in Azadegan Plan, some 100 kilometers west of the city of Ahvaz. Azadegan was initially estimated to hold 33 billion barrels of oil. In 1999, a new oil layer with 2.2 billion barrels was discovered in this field. Azadegan is divided into South Azadegan and North Azadegan.

  • Iran Oil ‘Takes Off’ for Mastering Technology

    Iran Oil ‘Takes Off’ for Mastering Technology

    TEHRAN (Shana) -- Iran’s petroleum industry has accelerated its development after dealing with tough conditions of sanctions over a decade and going into ups and downs. Nationalization of technical knowhow and acquisition of cutting-edge technologies have always constituted a major cause of concern for Iran’s petroleum industry. That has gathered steam in recent years thanks to efforts made by Petroleum Ministry managers in meeting the country’s needs and making maximum use of domestic capabilities.

  • NIDC Drillings Hit 132,000 Meters in 10 Months

    NIDC Drillings Hit 132,000 Meters in 10 Months

    TEHRAN (Shana) -- National Iranian Drilling Company has announced it successfully drilled over 132,000 meters of oil and gas wells over the course of the past 10 months.

  • Iran Eyes Enhanced Oil Recovery in Azadegan Joint Field

    Iran Eyes Enhanced Oil Recovery in Azadegan Joint Field

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said plans were under way to enhance oil recovery factor of the Azadegan joint oilfield in the near future.

  • Iranian Builders Supply 85% of Oil Industry Equipment

    Iranian Builders Supply 85% of Oil Industry Equipment

    TEHRAN (Shana) -- The chairmen of the board of directors of the Iranian Oil Industry Equipment Manufacturers Association said that the share of Iranian manufacturers and craftsmen in the supply of oil industry equipment has reached 85%.

  • Iran Saves $1b by Replacing Gasoil Fuel with Gas in Kish Power Plant

    Iran Saves $1b by Replacing Gasoil Fuel with Gas in Kish Power Plant

    TEHRAN (Shana) -- The head of the Iranian Offshore Oil Company’s Kish District said by replacing gasoil with gas in the island’s power plant, the country has saved an equivalent of $1 billion worth of gasoil.

  • Iran Boosts Parsi Oilfield Output

    Iran Boosts Parsi Oilfield Output

    TEHRAN (Shana) -- Well #44 of Parsi Oilfield was commissioned and operated using gas lift technique which has increased the field's oil output by 1,000 b/d.