Iran has unveiled its first oil rig manufactured by domestic companies, fulfilling a dream which the country’s petroleum industry cherished for long.
OPEC and non-OPEC producers may shave another 500,000 barrels per day off their oil output as the impact from a coronavirus epidemic is weighing on the market.
Head of a leading Iranian oil research center says it has mastered the technical capability to reduce the sulfur content of mazut, a heavy oil product which is being manufactured in the country in large volumes.
Iran’s Oil Ministry has updated information about a new gas field discovered south of the country, saying the reservoir holds some 19 trillion cubic feet (around 540 billion cubic meters) of natural gas.
Iran says French energy giant Total is still to officially announce its withdrawal from one of the country’s biggest gas projects with a top official saying no change has been occurred in the combination of a consortium formed over the project.
The latest market figures show that South Korea’s imports of crude oil from Iran in May fell to the lowest level over the past two years.
Iran will dedicate about $21 billion in capital expenditure (capex) on oil projects over the next four years, according to leading market research and analysis firm GlobalData.
Iran will not raise oil production in the new Persian year which begins on Wednesday, Managing Director of the National Iranian Oil Company (NIOC) says.
Iran is about to save $300 million a year after inaugurating an offshore project which will stop flaring gas in the Persian Gulf, a senior official was quoted as saying Saturday.
Malaysia’s Petronas has signed an agreement to study two Iranian oil fields – the latest in a wave of similar agreements that the country is awarding international energy giants over its most lucrative oil projects.