According to Shana, Mohammad Al-Khamis, the company’s drilling operations deputy, said that the record was registered since the beginning of the current calendar year, which began on March 21, and entailed 96 wells.

Among the wells were 35 development/appraisal wells, 2 exploration wells and 59 workover operations.

He said 70 wells were spudded in the fields operated by the National Iranian South Oil Company (NISOC), 13 were drilled in offshore field operated by the Iranian Offshore Oil Company (IOOC), 2 wells were ordered by the Iranian Central Oilfields Company, 3 were ordered by the Petroleum Engineering and Development Company (PEDEC), 6 were drilled as projects and 2 others were ordered by the Exploration Department of the National Iranian Oil Company (NIOC).

“In the past 10 months, as a result of the efforts and synergy with the applicant companies, the NIDC’s employees drilled 9 oil and gas wells 89 days ahead of the plans,” he said

The post Iran’s NIDC drills over 132k meters in 10 months appeared first on IRAN This Way.

The record was gained amid US President Donald Trump’s threats to pull out of the deal that was struck between Tehran and the P5+1 group of countries to curb parts of Iran’s nuclear activities in exchange for eased sanctions on the OPEC member’s vital economic sectors.

The National Iranian Oil Company (NIOC) exported an average of 2.877 million barrels per day of crude oil and gas condensate during the month to Asian and European markets which was an unprecedented figure since implementation of the JCPOA.

Iran’s traditional oil customers, China, India, South Korea and Japan, bought over 60% of its petroleum cargoes during the month.

China and India alone imported roughly 1.4 mbd from Iran during the month.

The post Iran oil exports hit new record in April 2018 appeared first on IRAN This Way.

China and India are the largest buyers of Iranian crude, with more than one million barrels in total.

The figure is expected to reach nearly 1.3 million barrels per day in April, while China and India will maintain their position as the first and second largest oil importers of Iranian crude.

Dutch-British Shell, France Total, Italian ENI and Saras Companies, Greek Hellenic Petroleum and Spain Repsol and Hungary MOL are among Iranian oil customers in Europe.

According to the Oil Ministry’s report, Iran has also exported 400,000 barrels per day of condensates during the March with South Korea was the biggest customer with purchasing half of the amount.

South Korea has requested for more gas condensate from Iran, however, due to increased domestic consumption and its allocation to Persian Gulf Star Oil Co., there is no possibility of realizing South Korea’s demands for it. South Korea now receives about 200,000 barrels of gas condensate per day from Iran.

The post Iran’s oil export hit 2.1 mbd in March 2018 appeared first on IRAN This Way.

Mohammad Meshkinfam noted that Iran extracted an average of 550 million cubic meters of natural gas from the field, which is shared with Qatar, during this winter, adding by late March, gas recovery from Platform A of Phase 14 of the gas field will reach 14.2 million cubic meters per day, Shana reported.

Speaking during a visit to onshore refinery facilities of the South Pars gas field in the Persian Gulf, the POGC chief said that Platform C of the same phase will begin operation within three months following the inauguration of the first platform.

Platforms of phases 13, 22, 23 and 24 of the giant gas field, each with a gas extraction capacity of 14.2 million cubic meters, will go on stream in the year to mid-March 2019.

The post Iran’s South Pars’ sour gas output to increase 56 mcmd appeared first on IRAN This Way.

For April-November, the first eight months of this fiscal year, India shipped in about 427,200 bpd, according to the data reported by Reuters.

But India’s oil imports from Iran will likely rise in December, as vessels holding about 4 million barrels of oil sailed from the Iranian ports in end-November and discharged cargoes in early December, the data showed.

Iran has cut oil prices in efforts to retain Asian customers and boost the appeal of its crude compared with other Middle Eastern supply.

Overall India imported 4.7 million bpd oil in November, meaning growth of about 12 percent from a year ago as the country raised its refining capacity.

First deputy oil minister in November announced that Iran has turned to customers in Europe to shore up its crude oil exports.

Iran is in negotiations to secure new buyers in Europe, Marzieh Shahdaei said.

Shahdaei said some of our customers in Asia have reduced imports, but that does not undermine Iran’s crude exports.

Refiners in Italy, France, the Netherlands, Greece and Turkey are the biggest customers of Iranian crude in Europe.

The post Iran export 266,000 bpd oil to India on November 2017 appeared first on IRAN This Way.

“Parallel talks have started with other multinationals to undertake the megaproject,” said Karim Zobeidi, the head of a special department at NIOC that oversees the performance of reservoirs, ISNA reported.

Pointing to the $7.45 billion deal between the French energy major Total and the Copenhagen-based giant that was concluded last month, Zobeidi said, “Because Total has purchased Maersk’s oil and gas business, we should follow the talks more prudently.”

According to the official, the French giant is carrying out operations on Qatar’s oil layer in the joint oilfield with Iran in the Persian Gulf that is why NIOC ought to conduct negotiations with tact so as to not lose ground to the Arab state.

A POGC official has reported on the signing of a contract with a French firm for conducting pressure drop studies in South Pars joint gas field.

Maersk has already drilled more than 300 wells and extracted more than 1 billion barrels of oil for Qatar from the Qatari section of South Pars, which is known as the North Dome. According to reports, French energy major Total S.A. took over drilling and production operations in the North Dome from Maersk last year.

Highlighting the importance of collaboration with foreign firms to develop the second and third development phases of the field’s oil layer, the official noted that the layer’s complicated geological structure necessitates qualified companies to implement enhanced oil recovery techniques from the beginning of their operation.

“Pars Oil and Gas Company, as the contractor of South Pars oil layer, has held talks with a number of international companies, yet no agreement has been signed,” Zobeidi said, adding that Schlumberger Ltd, the world’s leading oilfield services provider, was also reportedly interested in drilling the South Pars oil layer, but it failed to reach agreement with NIOC.

According to Roham Qasemi, managing director of Petroiran Development Company, cumulative crude oil output from the field’s oil layer has surpassed 2.5 million barrels over roughly six months.

Iran began to extract crude oil from South Pars in March using FPSO Cyrus, a floating production storage and offloading vessel in March. The FPSO was reportedly built in Singapore and cost $300 million.

“Maersk’s operational capacity and know-how to drill horizontal oil wells as deep as 10,000 meters are key to its success in developing the South Pars oil layer, as we are still deprived of such expertise,” Qasemi said.

Underscoring the country’s domestic capacity to develop the project’s first phase, he added that Iranian experts drilled 39,000 meters of offshore well in addition to installing a 2,500-ton platform.

Asked about employing another FPSO in the second phase, Qasemi noted that Petroiran, POGC and the Danish conglomerate are holding technical talks about the issue.

Iran aims to stabilize production from the SP layer at 25,000 barrels per day and gradually boost output to 55,000-60,000 bpd.

NIOC plans to employ enhanced oil recovery methods to boost the extraction rate in fields by 35%. South Pars oil layer is located 130 kilometers off Iran’s coast in the Persian Gulf with an estimated 7 billion barrels of oil in place, but it is hard to put an accurate estimate on the volume unless more exploratory wells are drilled.

The post Maersk talking for develop Iran’s South Pars appeared first on IRAN This Way.

Director of Production Control in Iran’s National Petrochemical Company (NPC) Alimohammad Bosaghzadeh pointed to five-month statistics for production and the four-month statistics for export of petrochemical products since the beginning of present Iranian year saying, “in the first five months, amount of production grew by six percent as compared to the similar period last year even though output figures normally drop in the first half of the year due to complete overhaul in complexes,” MNA reported.

The official, while voicing satisfaction towards the trend in production, estimated that the overall output level will grow by five million tons as compared to a year earlier.

He also underlined that efforts were being made to boost nominal capacity utilization to as high as 86 percent given that the figure for last year stood at 81 percent.

“Export volumes of petrochemical products have also risen in the ongoing year as the figures catapulted by 12 percent in volume and four percent in value.

Bosaghzadeh expressed hope that more feedstock will be supplied to petrochemical complexes in the second half of the year in a bid to realize a more sustainable production.

“In addition to development of the upstream sector, NPC has also put on agenda expansion of downstream projects with the aim of completing the production chain, which is turn, brings about a reduction in raw sales and an upsurge in sustainable employment opportunities,” he underlined.

The NPC official noted that a number of new petrochemical projects will come on stream later this year to further boost output capacity; “partnership of local banks and attraction of foreign investors can enhance the process.”

The production capacity for Iran’s petrochemical products is expected to reach 72 million tons worth 17 million dollars by the end of the present Iranian calendar year.

The post Iran’s petrochemical exports up by 12% appeared first on IRAN This Way.

“There is bad news and good news,” believes Chris Cook, a strategic market consultant, who also formerly headed the International Petroleum Exchange.

“The bad news is that the Trump administration is intent on making Iranian access to dollars — whether dollar payments or dollar investment via equity funding or debt financing — to all intents and purposes impossible, notwithstanding anything in the JCPOA,” Cook said responding to Trend query regarding the Islamic Republic’s capability to draw foreign investment to renew the country’s oil and gas industry.

“The good news is that it is completely possible for trillions of dollars worth of investment to be made in Iran and in neighboring countries without using dollars at all. This is because accounting/pricing — or keeping score — of transactions in dollars is very different from using the dollar clearing system to repay dollar debts or repatriate dollar profits on investment,” he added.

Iran’s Oil Minister Bijan Namdar Zanganeh has in recent years been engaged in updating the long-standing ‘Energy Diplomacy’, developed during the former president Mohammad Khatami’s administration, Cook reminded, adding that this ‘smart energy policy’ instrument consisted of energy swaps, such as the Caspian oil swap (flows of Caspian crude oil into northern Iran, exchanged for flows of crude oil delivered out of the Persian Gulf).

“In addition to reactivation of these and similar swaps, perhaps the most remarkable — and most important — ‘Energy Diplomacy’ was the recently contracted South Pars 11 investment by Total, through which 20 years’ investment of technology, skills and experience will be swapped for a flow of condensate. The outcome is firstly a ‘smart swap’ of intellectual value for the value of carbon fuels, and secondly, through the participation of Chinese investors the deal provides 20 years’ security of condensate demand for Iran and 20 years’ security of condensate supply for China,” Cook suggested.

“The point is that such smart swaps will — within a suitable networked market platform or ‘energy clearing union’ — enable many hundred billion dollars worth of intellectual and other resources required by Iran to be swapped for many hundred billion dollars worth of carbon fuels supplied by Iran.

“Since such swaps do not take place on the oil market platform dominated by the US, they do not require settlement in dollars through the US dollar clearing system from which Iran is effectively excluded.”

The post Iran planning to $100b investment in oil industry appeared first on IRAN This Way.

Iran sells crude oil to European companies within the framework of long-term deals and spot cargo, however the volume of spot cargo is higher, an informed source told Fars News Agency.

Iran still encounters problems in receiving payments due to banking issues, the source said, adding that central bank officials are seeking ways to expedite the process.

The source said that Iran also faces the same problem in oil export to Asian countries as banking sanctions still remain in place, the source said.

Iran was exporting 2.5 mbd of crude oil and gas condensate prior to the sanctions which were imposed in 2012, of which 18 percent was supplied to the EU.

After 2012, the EU cut Iran oil purchase while Asian countries had to decrease Iranian oil import gradually, which led to a decline in Iranian oil and gas condensate exports to 1.2 mbd in 2015.

After the removal of sanctions in 2016, based on nuclear agreement, Iran resumed its oil exports.

The post Iran’s oil exports to Europe reached 1m bpd appeared first on IRAN This Way.

The agreement marks one of the biggest investments since a nuclear accord with world powers lifted global sanctions on Iran, MENAFN reported.

Global Private Group has been setting up proper structure in the past nine months to secure proper avenues, everything is now ready said CEO of Global Private Group.

Securing the financing through the group was “the most important and most difficult step”, said the statement.

Global Private Group is one of the largest and most experienced project finance groups in the world compromising more than 300 dedicated specialists in offices worldwide who are fully qualified to provide financial services and products.

“Stable financing, efficient execution, expert solutions and customer service are how we help clients succeed,” the statement noted.

Its broad range of lending products in the areas of corporate lending and investment banking, combined with access to strong capital base; allows the group to execute financing that supports business objectives.

The post Global Private Group signs €2.7b deal with Iran appeared first on IRAN This Way.