• Clean and sustainable energy is vital to a robust future for our people and the environment
  • Clean and sustainable energy is vital to a robust future for our people and the environment
  • Clean and sustainable energy is vital to a robust future for our people and the environment
IMAGE

TEHRAN, Jan. 08 (Shana) – Iran has stabilized its crude oil production from South Yaran oilfield at 10,000 barrels per day, operator of the field's development project said

Homayoun Kazemeini said production from the field, which Iran shares with neighboring Iraq, began in late December, adding the 6 productive wells at...
IMAGE

TEHRAN, Jan. 09 (Shana) – Iranian President Hassan Rouhani issued an order regarding mobilization of all the national forces to accelerate search operation for finding the missing crew of the stricken Iranian oil tanker

The president issued the instruction in a meeting with Iranian Minister of Petroleum Bijan Zangeneh, Minister of Foreign Affairs Mohammad Javad Zarif...
IMAGE

World Oil:Iran says OPEC doesn't like oil over $60 as it nears $70

DUBAI (Bloomberg) -- A key OPEC minister has warned that the group risks overheating the oil market as crude prices head toward $70/bbl. “Members...
News

The president issued the instruction in a meeting with Iranian Minister of Petroleum Bijan Zangeneh, Minister of Foreign Affairs Mohammad Javad Zarif and Minister of Road and Urbanization Abbas Akhundi in attendance on Tuesday.

"The most outstanding issue at this moment is determining and fate of the tanker's crew and notification of their families and at the same time carrying out the required legal matters regarding compensation for the incident's damage," Rouhani said.

An Iranian oil tanker carrying gas condensate collided with a Chinese ship and exploded in the East China Sea on Saturday evening.

The Sanchi tanker, heading to South Korea and registered in Panama, collided with the CF Crystal some 160 nautical miles off the coast near Shanghai.

The Iranian tanker was carrying 136,000 tonnes of condensate, an ultra light crude, an equivalent of under a million barrels worth around $60 million based on current crude oil prices.

South Korean customers had purchased the cargo on a Persian Gulf FOB basis.

NITC formed an emergency committee with senior company officials immediately after the news of the collision was transmitted to Tehran.

The state-run company has dispatched two vessels sailing in the region to the spot of the explosion to offer help to rescue operations.

DUBAI (Bloomberg) -- A key OPEC minister has warned that the group risks overheating the oil market as crude prices head toward $70/bbl.

“Members of the Organization of Petroleum Exporting Countries are not keen on increased Brent crude prices above $60/bbl because of shale oil," Iran Oil Minister Bijan Namdar Zanganeh said, according to the ministry’s news service Shana. Prices have climbed in recent days because of production cuts and increased demand for petroleum products due to cold weather, he said.

While the view isn’t universally held among OPEC ministers, the comments show concerns among some countries that keeping production curbs in place as a strengthening global economy drives demand could spur more output from shale producers in the U.S. Higher prices also encourage producers to hedge future output, adding to supplies.

OPEC and allies including Russia agreed in November to extend output cuts to the end of this year to reduce global inventories. Iran, OPEC’s third-largest producer, isn’t required to cut output under the agreement. It pumped 3.8 MMbpd in December, according to data compiled by Bloomberg.

Russia took its time to join the extension, with officials and oil bosses in Moscow undecided 15 days before their meeting in Vienna on Nov. 30. Wording in the pact gives participants a chance to change terms this year if needed, Russian Energy Minister Alexander Novak said after the meeting. Rosneft CEO Igor Sechin has also warned that U.S. shale output may destabilize the market this year.

Brent crude rose $0.11 in Dubai after earlier rising as much as $0.51 to $68.29/bbl, the highest since May 2015. Prices advanced 18% last year as the output cuts took effect.

U.S. output will rise by at least 830,000 bopd this year, JBC Energy said Tuesday in a note. That could cause U.S. crude prices to “cool” in the first half, the Vienna-based researcher said. The U.S. pumped about 9.34 MMbpd last year, according to Department of Energy data compiled by Bloomberg.

Shale oil isn’t the only source of supply that’s flowing back into the market. Iraq’s Oil Minister Jabbar Al-Luaibi said in December he’s optimistic prices will rise this year. The country is working to expand output capacity so that it can pump more when the agreement on curbs ends, he said.

Saudi Arabian Energy Minister Khalid al-Falih said last month that OPEC and its partners need to persist in cutting output since global crude inventories won’t be “ anywhere close” to the level the group is targeting by the time they meet again in June.

Some countries may welcome higher prices as a way to plug government deficits. Iraq has been fighting insurgents in the country and a dispute with its northern Kurdish region is curbing exports from that area. Saudi Arabia is increasing pay to some government and private sector workers to compensate for increased prices on some goods such as fuels.

OPEC and its partners are seeking to bring the amount of oil in storage worldwide down to its five-year moving average, a goal that the group says will show the market is in balance. OPEC said it and partners reached 122% compliance with their agreed cuts in November, a record since the agreement began.

Homayoun Kazemeini said production from the field, which Iran shares with neighboring Iraq, began in late December, adding the 6 productive wells at the field are currently producing 10,000 barrels of crude oil per day.

He said drilling operations of 12 other wells have almost finished and wellhead facilities are about to be installed over them.

The field is being developed by Iran's state-run Petroleum Engineering and Development Company (PEDEC).

Over 70% of the operating staff in the project are local manpower, he added.

Located 130 kilometers off the southwestern city of Ahwaz, the field is estimated to contain 645 million barrels of in-place crude oil in its reserves.

National Iranian Oil Company (NIOC) is financing development of the field.

Iran has prioritize development of the oil and gas fields it shares with its neighbors. 

Add : No.14, 1th Floor, No. 14, Gomnam St., Fatemi Sq., Tehran, Iran
Fax : +982188978104
Tel : +982188987094
+98 2188986891
+98 2188986932
+98 2188987465
+98 2188987638