Oil

The latest government data indicate total proven crude oil reserves are close to 160 billion barrels. of which 16 billion barrels are in the Persian Gulf.

The bulk of Iraq'.s oil is exported via the southern terminals. Smaller amounts are shipped from northern Iraq via Ceyhan in Turkey.

JOG and CIECO hold 18% and 12% interest in the P.2170 Licence respectively.

The natural gas extracted from the drilling will be equal to 1.5 times the 50 billion cubic metres of gas Turkey imports annually.

In July. Iran exported 2.2 million bpd of oil to Asian and European markets. with its exports to Asia up by 100.000 bpd.

The price for September futures of West Texas Intermediate (WTI) grew by 0.02 percent and stood at $48.83 per barrel.

Iran’s total oil production currently stands at around 4 million bpd and its most important clients are China. South Korea. India and Japan. respectively.

Changouleh is located close to Iran’s border with Iraq and is among NIOC’s priority development projects.

Officials say the partnership of domestic companies with oil majors will gradually enhance the technical and managerial know-how of Iranian firms.

NIOC and DNO signed memorandum of understanding (MoU) on November 17. 2016 for a survey on Changoleh oil field.