In 2016. SOCAR produced 7.52 million tons of oil from Azerbaijan’s offshore and onshore fields. as compared to 8.16 million tons in 2015.

South Pars. a supergiant gas field Iran shares with Qatar in Persian Gulf waters. is estimated to contain over 14 billion barrels of oil in its oil layer.

Pertamina is an Indonesian state-owned oil and natural gas corporation based in Jakarta.

Zanganeh is specifically credited at home for what many see as his success in increasing Iran’s oil and gas production capacity.

Oil Minister Bijan Zanganeh has been credited with the boost in Iran'.s crude output since many global sanctions were lifted last year.

The project is in line with the Bulgarian government’s efforts to diversify the current gas delivery routes and sources.

His latest efforts to woo investors bore fruit when Total signed a contract on July 3. to develop South Pars.

Pertamina. which owns 55 percent of both projects. was previously the sole off-taker of output by the Cilacap and Tuban refineries.

South Asia is emerging as the new hot spot for LNG. with Pakistan and Bangladesh set to join India as major consumers.

CEFC would be the first privately held Chinese firm to invest in a major oil giant.