Last year Pakistan and Qatar had signed multi-billion dollar liquefied natural gas (LNG) deal.

The BP head said that the company would spend $15 billion in projects this year. and in 2018 and 2019.

The deal with Total increases Iran'.s energy security and is likely to encourage other foreign companies to invest in Iran.

Total holds a 50.1 interest in the South Pars project with state-owned China National Petroleum Corporation owning 30 percent and Iran’s Petropars 19.9 percent.

Despite U.S. production records. Saudi Aramco CEO Amin Nasser believes shale oil won’t be enough to prevent a future shortage.

Kazakhstan remains committed to its obligations under the global oil output cut deal between OPEC and non-OPEC members which lasts until April 2018.

The field holds 2.5 billion barrels of crude oil in place. some 400 million barrels of which are recoverable.

Total TOTF.PA won an offshore exploration license from Cyprus for drilling this year.

The ministerial meeting will be preceded by a meeting of a technical committee involving all OPEC and non-OPEC members currently participating in the oil output cutting deal.

The biggest exploration expenses are expected for blocks Parsa and Bamdad in the Gulf. amounting to 80 million euros and 75 million euros respectively.