Energy Economy

Iraq’s electricity minister says the country has not reached an agreement with Arab countries of the Persian Gulf region and will need to import natural gas from Iran for the coming years. “We do not accept their [Persian gulf countries’] prices. Iranian natural gas is appropriate for Iraq and its …

Iran’s oil exports have seen a 40-percent rise and the capacity of oil production has reached pre-sanctions level despite sanctions and economic pressure, the CEO of National Iranian Oil Company (NIOC) said on Sunday. Mohsen Khojasteh-mehr said that Iran is in the first place of the world in aggregate oil …

The managing director of National Iranian Oil Company (NIOC) said that projects worth $8 billion have been defined for the development of the oil fields at the West Karoun region. One of these projects is development of phase 2 of South Azadegan field through establishment of a consortium of Iranian …

Iran’s Petroleum Ministry has undertaken necessary studies on developing and drilling in Arash joint gas field with Saudi Arabia and Kuwait, an Iranian official announced. The Iranian Ministry has also prepared the ground for development of Arash or Durra gas field, Ahmad Assadzadeh, deputy petroleum minister for international and commercial …

Iran’s Oil Minister Javad Oji says the country needs a $200bn investment in the upstream and downstream and petrochemical industries, the bulk of which has been raised under 50 contracts. Oji said the contracts pertain to the development of oil fields, gas flares and gas fields as well as the …

The National Iranian Oil Company (NIOC) voices the country’s readiness to supply oil to the global market “at a maximum level,” saying Iran’s potential return to the market could effectively help stabilize soaring crude prices. NIOC Managing Director Mohsen Khojasteh-Mehr told IRNA on Friday that the new Iranian administration has …

Iranian Minister of Petroleum Javad Owji has said that the return of oil and gas revenues is accelerating this year despite the sanctions as compared to last year. “Return of revenues from the sale of crude oil, gas condensate, gas exports, petroleum products and petrochemical products has increased 2.5 times …

The director-general of the International Atomic Energy Agency said that the IAEA and Iran are developing a more cooperative relationship in order to resolve what he called open issues with Iran. “We are moving into a more cooperative relationship, things are moving toward a better atmosphere,” he said at the …

It could take months before any large quantities of Iranian oil hit the markets if a nuclear deal is reached and sanctions lifted, a Reuters analysis said on Friday. With oil prices hitting almost $120 this week, market watchers await the outcome of indirect talks between the United States and …

Japan’s oil giant Eneos Holdings Inc says it will consider resuming oil imports from Iran if an agreement to revive the 2015 nuclear deal is reached. The company has yet to start necessary preparations to that end. It will take about two-to-three months to resume oil imports from Iran if …