Companies

BP had opted out of the bidding because of concerns over possible renewed US-Iran tensions after president-elect Donald Trump takes office on Jan. 20.

Around 17 billion cubic meters of gas is burned off in Iran annually which translates into a $4-6 billion loss for the treasury.

NIGC has ensured it gas supplied will not be disrupted for the household sector of the country.

Iran has halted natural gas imports from Turkmenistan.

Türkmengaz. in a questionable move. ceased natural gas exports to Iran on Sunday January 01.

Major European companies including Royal Dutch Shell. BP. Total and Eni resumed buying Iran'.s crude oil last year as Iran ramped up oil sales to its traditional customers in Asia.

The official expounded that the recovery factor in the two joint fields is intended to climb from the current 5.5 or 6 to approximately 20 per cent.

Manouchehri estimated that the first tender to develop South Azadegan oil field will be invited in the first quarter of 2017.

Daewoo Shipbuilding said the deal will help it make inroads into Iran'.s shipbuilding market. and export related equipment.

Russia'.s Lukoil and Malaysia'.s oil giant Pertamina are also conducting surveys on AbTeymour and Mansouri Oilfields.