Economy of Resistance: Production and Job Creation
2017 27 May Fa

PEDEC NEWS ARCHIVE

West Karoun oilfields, IP gas pipeline projects prioritized

23 / 05 / 2017

Iran’s First Vice-President Es’haq Jahangiri has tasked the Oil Ministry with implementing 11 prioritized projects in the oil and gas sector by the end of the current Iranian calendar year (March 20, 2018). Increasing the output of West Karoun oilfields by 100,000 barrels per day (bpd) to reach 350,000 bpd, and completing the gas pipeline […]

NIOC to Increase Crude Output by 8%

23 / 05 / 2017

National Iranian Oil Company (NIOC) will have increased its crude oil and gas production by 8 and 17 percent when the present Iranian year ends (March 20, 2018). NIOC Board of Directors have approved of the ongoing year’s production and distribution program under which production of oil, rich gas, gas condensate and naphtha will all […]

China’s Oil Giants Commit to Investment Boost

23 / 05 / 2017

China’s dominant oil firms have loosened their investment purse strings, apparently confident that profits will climb on rebounding crude prices following last year’s dry spell. The Big Three – CNPC, CNOOC and Sinopec – recently committed to ambitious investment schedules for 2017 by announcing plans to spend around 371 billion yuan ($54 billion) combined. Budget […]

NIOC Preparing Yadavaran Oilfield Tender

22 / 05 / 2017

The National Iranian Oil Company is taking steps to tender the second development phase of Yadavaran Oilfield in an oil block known as the West Karoun in Khuzestan Province, according to the chief executive officer of the Petroleum Engineering and Development Company (PEDEC). “Documents are being prepared and a tender will be held soon,” Noureddine […]

Essar’s Four-Month Oil Imports from Iran Rise 8%

21 / 05 / 2017

Iran’s key Indian client, Essar Oil received about eight percent more oil from Iran in the first four months of this year which recorded about 150,700 bpd, according to tanker arrival data obtained from trade sources and ship-tracking services on the Thomson Reuters terminal. According to the data, Essar Oil shipped in about 12.5 percent […]

BP Aiming at 4 Million Barrels a Day by 2020

21 / 05 / 2017

During the Annual General Meeting, the company’s Chairman Carl-Henric Svanberg said that with BP’s recent recent investments, «in a few years’ time, our production should be back at the same level as before we had to sell a 3rd of our assets to cover the Gulf costs.» To help achieve its production target, BP expects […]

Tehran, New Delhi Mull Boosted Oil, Gas Coop.

20 / 05 / 2017

Iran and India are considering methods of improving oil and gas cooperation. A high profile delegation from India, headed by Foreign Secretary of India Subrahmanyam Jaishankar, met with Iranian Minister of Petroleum Bijan Zangeneh in his Tehran office on Tuesday to discuss avenues of future cooperation on oil and gas grounds. During the meeting, development […]

OPEC meeting: another winning chance for Iran

20 / 05 / 2017

As one of the key players in the world’s political and economic turnovers, oil market has been witnessing lots of ups and downs in recent years. In late-2015, oil prices fell to more than half from highs of above $100 a barrel in 2014 as rising production from U.S. shale oil combined with other global […]

South Yaran Production Starts in July

18 / 05 / 2017

Production from the South Yaran Oilfield in the southern Khuzestan Province is expected to start in July, according to the chief executive officer of the Petroleum Engineering and Development Company (PEDEC). “We are confident that crude oil extraction from South Yaran field will begin within two months at a rate of 10,000 barrels per day […]

IEA: Global Oil Market Rebalancing Speeds Up

17 / 05 / 2017

The global oil market is rebalancing and the pace at which supply and demand are falling into line is picking up, even if inventories still fail to reflect the impact of OPEC supply cuts, the International Energy Agency said on Tuesday. In its monthly report, the IEA kept its global demand growth forecast for 2017 […]

Tehran, New Delhi discuss co-op in oil, gas sectors

17 / 05 / 2017

Iran and India discussed cooperation in oil and gas projects especially Iran’s Farzad B gas field which Indian ONGC Videsh Ltd. (OVL) seeks to develop, Shana reported on Tuesday. According to the report, an Indian delegation headed by Indian Foreign Secretary Subrahmanyam Jaishankar met with Iranian Oil Minister Bijan Namdar Zanganeh in Tehran on Tuesday […]

South Pars Oil Output Surpasses 1m Barrels

16 / 05 / 2017

Production from the oil layer of South Pars, the giant gas field shared between Iran and Qatar in the Persian Gulf, has exceeded 1 million barrels in less than two months, managing director of Petroiran Development Company (PEDCO) said Saturday. “The second crude oil cargo from the field is expected to be shipped out by […]

Iran Increase Oil Exports to South Korea by Over 63 Percent

16 / 05 / 2017

South Korea considerably increased its crude oil imports from Iran in April as compared with the corresponding period in the last year. “Iran boosted its crude exports to South Korea by 63.5 percent in last month (April),” Customs Office data showed. South Korea’s customs data also showed that the country imported 1.41 million metric tons […]

Brent Oil Price Exceeds $52/bbl

16 / 05 / 2017

World oil prices are rising on May 15 after the positive statement jointly made by Russia and Saudi Arabia regarding the extension of the OPEC oil output cut deal. The price for July futures of Brent crude oil has increased by 2.44 percent to $52.08 per barrel as of 09:23 (GMT +4). Meanwhile, the price […]

Sinopec Willing to Double Foreign Investment to More Than $30 Billion

15 / 05 / 2017

China’s giant state-owned oil and gas firm Sinopec is planning to splash big money into a continued expansion abroad to shore up access to energy resources as Beijing touts its main foreign policy initiative. Sinopec expects to boost foreign investment to more than $30 billion, Dai Liqi, director of the firm’s foreign cooperation office, told […]