Oil

Under the terms of the deal. Iran’s Petropars is committed to finance the study phase of the project while Toyo of Japan will undertake financing of its executive phase.

Under the contract. Baker Hughes will develop advanced solutions for flare gas at the al-Nassiriya and al-Gharraf oilfields.

At least nine Russian companies have voiced willingness to help Iran develop its oil and gas fields.

The price for September futures of Brent crude oil has increased by 0.43 percent to $49.12 per barrel July 17.

OPEC’s largest producer. Saudi Arabia. also hopes to enter public markets in the future.

High-level executives from leading energy companies and up to 50 energy ministers attended the Congress. under the theme. Bridges to our Energy Future.

The new pipeline. with a length of 941.8 kilometers. stretches from Mohe at the Russian border to Daqing.

Currently. Iran’s oil output stands at 3.8 million barrels per day. despite numerous statements that the country reached its pre-sanction production level of 4 million bpd.

Total holds a 50.1 interest in the South Pars project with state-owned China National Petroleum Corporation owning 30 percent and Iran’s Petropars 19.9 percent.

Despite U.S. production records. Saudi Aramco CEO Amin Nasser believes shale oil won’t be enough to prevent a future shortage.