• NIOC Announced Iran Crude Price for October Delivery

    NIOC Announced Iran Crude Price for October Delivery

    TEHRAN (Shana) – The National Iranian Oil Company (NIOC) has increased the official selling price of all types of crude oil for delivery to Asian customers in October.

  • MOGPC Realizes H1 Production Goal

    MOGPC Realizes H1 Production Goal

    TEHRAN (Shana) -- The caretaker of the Maroon Oil and Gas Production Company (MOGPC) announced that the company succeeded in achieving 101% of its plan to produce crude oil in the first half of the current calendar year, which began on March 21.

  • Iran, Pakistan Discuss Energy Cooperation

    Iran, Pakistan Discuss Energy Cooperation

    TEHRAN (Shana) -- The president of Iran and the prime minister of Pakistan weighed plans for cooperation between the two neighbors in the energy industry.

  • NIDC Bracing for Stronger Presence in Persian Gulf

    NIDC Bracing for Stronger Presence in Persian Gulf

    TEHRAN (Shana) -- The CEO of the National Iranian Drilling Company (NIDC) said: With the provision of three offshore drilling rigs, the company's presence in the Persian Gulf waters will become stronger in the near future.

  • Iran Joins SCO as Permanent Member

    Iran Joins SCO as Permanent Member

    TEHRAN (Shana) -- The 22nd Shanghai Cooperation Organization (SCO) summit ended on Friday with a positive note. Iran officially joined the SCO, and all the participants signed the Samarkand Declaration in the end.

  • SCO Accession helps Turn Iran into Regional Energy Hub: MP

    SCO Accession helps Turn Iran into Regional Energy Hub: MP

    TEHRAN (Shana) -- A member of the Parliament's Energy Committee published a tweet, saying: “Iran's permanent membership in the Shanghai Cooperation Organization (SCO) is a result of the administration’s targeted diplomacy with its neighbors which is laudable.”

  • Defining Moments for Oil and Gas

    Defining Moments for Oil and Gas

    TEHRAN (Shana) -- Energy prices went up sharply after February 24 when first Russian troops entered Ukraine. By late March 2022, it hit above $ 120.40 per barrel for Brent briefly but retreated to around $110 per barrel, though, the average price of crude oil was $105 per barrel for the first half of 2022. The slow and cautious reaction of oil market towards such major geographical escalation that would potentially cut over 6.7 mb/d of crude and products from Russia is an interesting phenomenon worth analyzing. Let’s be reminded that the international crude oil prices touched $147 per barrel back in 2008 after the United States descended into recession.

  • $7bn MOU Signed for Azadegan Development

    $7bn MOU Signed for Azadegan Development

    TEHRAN (Shana) -- A $7 billion memorandum of understanding has been signed by National Iranian Oil Company (NIOC) and Iranian banks and E&P companies to develop the entire giant Azadegan oil field.

  • Oil Players Displaced

    Russia-Ukraine War Impact

    Oil Players Displaced

    TEHRAN (Shana) -- The Russia-Ukraine war is not just a military conflict between Moscow and Kiev. Moreover, the consequences of the war are not limited to the geography of Europe. At the same time, the war is not limited to the political and military domains, and has had significant economic consequences. One of these consequences has been affecting the global energy markets. In addition to the spike in global oil prices to $120 a barrel, which is a direct consequence of the war, changes have also occurred in the field of trading oil, which, if continues, could change the trading pattern of many countries.

  • Iran and Pakistan Energy Supply

    Iran and Pakistan Energy Supply

    TEHRAN (Shana) -- Energy security has always been an especially sensitive issue in the economic policies of various governments of Pakistan. Although Pakistan’s economy mainly depends on agriculture which makes up about 33% of the country’s gross national product (GNP), over recent years, the growth of energy consumption in the domestic, industrial and transportation sectors has made Islamabad more dependent on gas imports to the extent that gas has become a key element of Pakistan’s energy mix. However, despite the advantages that gas has over other fossil fuels, it also has problems, one of which is the high cost and security sensitivities of its transmission. This problem is especially noticeable in a country like Pakistan because due to insecurity mainly in Pakistan's Baluchistan, the central government does not have much control over its security.

  • Karoon Petchem Plant Unveils 5th Knowledge-based Item

    Karoon Petchem Plant Unveils 5th Knowledge-based Item

    TEHRAN (Shana) -- Karoon Petrochemical Company has unveiled its fifth knowledge-based product, in cooperation with a knowledge-based company, which can save $10 million by meeting domestic needs.

  • Iran, Japan hold Seminar on Net Zero Emissions by 2050

    Iran, Japan hold Seminar on Net Zero Emissions by 2050

    TEHRAN (Shana) – An educational seminar entitled "Introduction of Japan's policies in using hydrogen and ammonia to achieve zero carbon emissions by 2050" was held in Tehran.

  • Framework of Iran-Uzbekistan Energy Cooperation Sketched

    Framework of Iran-Uzbekistan Energy Cooperation Sketched

    TEHRAN (Shana) -- The Iranian Deputy Petroleum Minister of International Affairs and Trade determined the framework of cooperation between the two countries in the energy sector in a meeting with the Acting Minister of Energy of Uzbekistan.

  • $600m Petchem Value Chain Completion Projects underway under way in Petrol

    $600m Petchem Value Chain Completion Projects underway under way in Petrol

    TEHRAN (Shana) -- The CEO of Petrol said $600 million projects are being implemented by the company in order to complete the value chain of the petrochemical industry.

  • Min. Voices Iran Readiness to Help Global Energy Security

    Min. Voices Iran Readiness to Help Global Energy Security

    TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji said the global energy market needs an increase in the supply of oil from Iran, adding: “As a major producer of oil and petroleum products, we are always ready to play our role in providing oil and gas away from politics. and help improve energy security in the world.”

  • OPEC+ Cuts Output by 100k for October 2022

    OPEC+ Cuts Output by 100k for October 2022

    TEHRAN (Shana) -- The 23 member countries of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in their 32nd meeting agreed to cut their oil output for the month of October.

  • 32nd OPEC+ Meeting Kicks off Online

    32nd OPEC+ Meeting Kicks off Online

    TEHRAN (Shana) -- The 32nd meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) started a few minutes ago via videoconference.

  • Reviving Iran’s Energy Diplomacy: Step by Step

    Reviving Iran’s Energy Diplomacy: Step by Step

    TEHRAN (Shana) -- Holding 17.3% of the world's proven natural gas reserves, Iran is only second to Russia. Meanwhile, Turkmenistan ranks sixth with 3.8%. In 2021, Turkmenistan produced 83.7729 billion cubic meters (bcm) of natural gas and exported about 34 bcm to China, the largest importer of Turkmen gas, and that is why China has a high bargaining chip against Turkmenistan, encouraging the latter to seek to diversify its export destinations not to depend on a single buyer. According to BP and Azerbaijan's Ministry of Energy, the volume of Republic of Azerbaijan's natural gas reserves in 2021 was estimated at 2,500 bcm.

  • ACECR Supplying Technical Equipment

    ACECR Supplying Technical Equipment

    TEHRAN (Shana) -- Iran’s Academic Center for Education, Culture and Research (ACECR) has been serving the petroleum industry for more than 3 decades now. Thanks to the technical knowhow of university professors and students, ACECR has largely managed to meet oil, gas and petrochemical needs. Last March, Iran’sPetroleum Ministry and ACECR signed four memoranda of understanding and agreements for further engagement of ACECR in the petroleum industry.

  • High-ranking MOP delegation to visit Uzbekistan

    High-ranking MOP delegation to visit Uzbekistan

    TEHRAN (Shana) – A high-profile delegation of the Iranian Ministry of Petroleum, headed by the Deputy Minister of Petroleum for International Affairs and Trade, is going to Uzbekistan to prepare the first oil memorandum of understanding with Uzbekistan for signing at the upcoming Shanghai summit.

  • 500k Barrels Increase in Persian Gulf Crude Oil Storage Capacity

    500k Barrels Increase in Persian Gulf Crude Oil Storage Capacity

    TEHRAN (Shana) -- The capacity of crude oil storage in the Persian Gulf increased by 500,000 barrels with the operation of the reconstruction and overhaul project of Tank No. 4 of the Behrgan region of Iranian Offshore Oil Company (IOOC).

  • OGTIP Signs MoU with Uzbek Firm

    OGTIP Signs MoU with Uzbek Firm

    TEHRAN (Shana) -- Oil and Gas Technology and Innovation Park (OGTIP) and Mr-Fish Fergana Oil and Gas Holding of Uzbekistan signed a memorandum of understanding in the field of energy.

  • Drilling Structure, Infrastructure Fully Iranian

    Drilling Structure, Infrastructure Fully Iranian

    TEHRAN (Shana) -- Among oil and gas-rich nations in the world, Iran remains one of the leading extractors of oil and gas.More than a century has passed since the William Knox D’Arcy team, led by Marriot, drilled the first oil well in Iran. The first oil well in Iran was drilled in the Chia Sorkh, or ChahSorkh (literally red well) northwest of Qasr-e Shirin. The well struck oil in summer 1903 at the depth of 507 meters.

  • What Iran Has in Common with Uruguay and Nicaragua

    What Iran Has in Common with Uruguay and Nicaragua

    TEHRAN (Shana) -- Latin America comprises 20 developing countries with a population of about 650 million people, maintaining good relations with Iran and seeking better ties. The region's economic size is significant, with Latin America's gross domestic product (GDP) estimated at $5 trillion by 2020. In terms of energy, about 20% of the world's oil reserves are located in this region which is considered a large market for international energy transactions. Some Latin American countries, including Venezuela, have significant oil reserves and are important oil producers. They also have large international oil companies such as PDVSA and Pemex, which operate in the global oil market and facilitate exchanges and joint ventures in the oil and gas industry. In general, the economic and energy indicators of this region indicate that there is great potential for development and the desire of the countries in this region to expand relations with non-US and European countries has provided good opportunities for development of ties with Iran.

  • Energy Security Redefined

    Energy Security Redefined

    TEHRAN (Shana) -- European Union unanimously decided to impose sanctions on seaborne crude oil deliveries from Russia. Europe’s energy future is now woven by hasty opportunistic policies using Russian- Ukraine conflict as a new crowbar to open the door to dismantled US Northern Atlantic alignment and flawed energy transition policies.

  • Ten Fields of Iran, Cuba Energy Cooperation

    Ten Fields of Iran, Cuba Energy Cooperation

    TEHRAN (Shana) -- Iran’s Minister of Petroleum Javad Owji during his trip to Latin America in May, met with Cuban President Miguel Díaz-Canel and signed two memoranda of understanding on energy and agriculture. Mehdi Safari, Iran's deputy foreign minister for economic diplomacy, considers bartering with Cuba very instrumental in the relations between the two countries.

  • Iran Eyes 0.2mbd Crude Oil Output Capacity Rise by March 2023

    Iran Eyes 0.2mbd Crude Oil Output Capacity Rise by March 2023

    TEHRAN (Shana) – The CEO of the National Iranian Oil Company (NIOC) said an increase of 200,000 barrels per day in Iran's oil production capacity is expected by the end of the current calendar year, which began on March 21.

  • Petropars Key in Iran Oil Industry 

    Petropars Key in Iran Oil Industry 

    TEHRAN (Shana) -- Petropars has a major share in developing Iran’s joint oil and gas fields. The company’s CEO has been outspoken in explaining the company’s status in developing phase 11 of South Pars gas field, Bilal, Farzad B, Forouzan, and South Azadegan fields and cooperation with Latin American firms. So far, the Iranian major has implemented around $27 billion worth of projects.

  • Min. Stresses Need to Boost Refining Capacity

    Min. Stresses Need to Boost Refining Capacity

    TEHRAN (Shana) -- Emphasizing the investment in the construction of refineries and petro-refineries in the country, the Iranian Minister of Petroleum said: “The refining capacity in the country should be enhanced.”

  • Development of Sohrab Joint Oilfield to Start Soon

    Development of Sohrab Joint Oilfield to Start Soon

    KHUZESTAN (SHANA) – The CEO of the National Iranian Oil Company (NIOC) said important oil projects are underway in Iran including start of the operation of the Sohrab joint field in the near future.