Oilfield services providers would be expected to invest in the fields in exchange for payment for every barrel of oil or Btu produced over an established baseline. the report added.

Saudi Arabia ".clearly sees Asia as its backyard and as a center of growth and long-term source of demand.

Plans are in place to increase the number of liquefied petroleum gas carriers to help NIOC establish a foothold in the global market.

The establishment of joint venture is a follow-up of a MOU for new business opportunities collaboration signed in November 2015 with Saudi Aramco.

Iraq is the second-largest member of OPEC after Saudi Arabia.

Gazprom Neft acquired a 25.02 percent stake with the right to increase it to 50 percent in Evrotek-Yugra.

That marked only the second time the weekly oil-rig count fell this year. Oil-rig numbers had climbed for 23 weeks in a row.

The Islamic Republic of Iran endorses the expansion of relations with France in political. economic and international fields.

Total will operate the SP11 project with a 50.1% interest. while Iranian Petropars company will have a share of 19.9% and the Chinese CNPC 30%.

Our policy is to have cooperation with big companies such as Total.