Oil & Gas

Persian Gulf nations tend to buy Iranian gas (Tehran times – 22 May 2017)

According to the official, there has not been a direct negotiation recently but Iran has received signals showing their willingness for holding talks in this regard.

“I believe that now after the [presidential] election it would be easier to pursue such negotiations,” Araqi said.

Despite having rich oil resources, most of the Persian Gulf nations lack enough gas supplies. Iran and Qatar are the only two countries with access to gigantic gas reserves.

Although Iraq has significant gas resources too, but the country doesn’t seem to be able to reach these resources by 2018 or even 2020.

Earlier this month, Araqi said that Iran is also in talks with European countries to export gas to Europe.

As ISNA reported, the official noted that sending Iranian gas to Europe is possible both through pipeline and in the form of liquefied natural gas (LNG).

Iran capable to produce 3million bpd of oil: Official (IRNA – 22 May 2017)

The deputy head of National Iranian Oil Company (NIOC) said the country is capable to produce 3 million barrels of oil per day.

Talking to IRNA, Gholam-Reza Manouchehri said as per the plans proposed by the international companies, the country has the capacity to increase its daily oil production to 3 million barrels.

Referring to the new agreements to be reached between Iran and international companies, he added 60 to 70 percent of the upcoming projects would be implemented by the Iranian side.

Manouchehri underscored that several oil agreements are set to be reached within the next two years between the Iranian and international companies.

He added transfer of new technologies for extracting more petroleum would would be highlighted in new oil contracts.

Deputy Minister: Iran seeking offshore investment (IRNA – 22 May 2017)

 Iran requires about 30 billion dollars of investment in offshore sector, Deputy Minister of Industry, Mining and Trade said on Monday.

he Joint Comprehensive Plan Of Action (JCPOA) has paved the way for great projects in offshore and onshore sectors, said Mansour Moazzami, referring to the landmark agreements between Iran and the world major powers.
According to the agreement signed in 2015, Iran accepted to curb its nuclear program in return for sanctions relief.

Describing JCPOA as a good opportunity for the country, which may not last forever, Moazzami who is also Managing Director of Industrial Development & Renovation Organization (IDRO) of Iran added that according to the assessments, Iran would require an investment of $ 30 billion in its offshore sector.
Speaking at the International Offshore Industries Conference, he added that agreements would be signed with Korea’s Daewoo, as well as National Iranian Tank Company (NITC) and Islamic Republic of Iran Shipping Lines (IRISL) on shipbuilding.