Oil

In 2013. Vankorneft was chosen as an operator on development of new fields of Vankor Cluster located close to the Vankor field.

Analysts say oil production in the region - apart from Prirazlomnoye - is years away and may start only in the mid-2020s.

OPEC oil basket’s price stood at $44.23 per barrel on June 27. or $1.09 more than on June 26.

The country’s oil and gas resources management body will launch a tender for exploration licenses in the blocks by the end of June.

Brazil becoming a relevant exporter is complicating OPEC’s efforts to control prices through supply cuts.

Iran needs foreign investment for repairs and upgrading of its oil and gas fields.

Iran has inked two separate contracts to export the product to Iraqi cities of Basra and Baghdad.

The South Pars oil layer is located 130 kilometers off Iran'.s coast in the Persian Gulf with an estimated 7 billion barrels of oil in place.

The slide in oil prices continues as markets remain sceptical of OPEC´s ability to balance supplies.

During the period of sanctions. oil production in the country was capped at about 2.7 million barrels a day. including 1 million barrels sent to export markets.