Companies

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.

Reuters reported. A two-rig rise in the oil rig count in the United States. the ninth weekly increase in a row. as reported by oilfield services provider Baker Hughes Inc. added to bearish sentiments.

Figure for installed renewable capacity for the current year shows a 700 percent rise compared to that of the last year.

In line with lifting ban on oil industry key facilities. Asian and European companies will contribute to progress of projects in South Pars.

Oil and gas development in Iran is attractive to foreign companies because of the relatively lower costs of oil and gas production/exploration in the country.

India topped China'.s imports for a third straight month as its imports from Iran grew more than four-fold from a year earlier to 620.000 bpd.