Tag Archives: Iranian Ministry of Petroleum

For the purposes of the memorandum. LUKOIL-Engineering and NIOC will set up exchange of data necessary to study the areas. and establish a joint working group.

According to Zanganeh. Tehran aims to sign 10 new oil deals by the end of the current fiscal year (March 20. 2018).

The country hopes to double its petrochemical output capacity to 120 million tons or more within five years.

The organization has communicated the order to all the related companies since Wednesday. September 27.

Azar oilfield in Ilam Province has pumped over 4.5 million barrels of crude oil since it went into operation.

The country is aiming to raise oil output to around 4 million bpd by the end of the year and 4.5 million bpd within five years from around 3.8 million bpd in recent months.

Tehran says its new petrochemical ventures require over $70 billion in investments that should mostly come from foreign sources.

There is a huge ground for cooperation in the energy sector between Iran and Azerbaijan to help boost the two nation'.s economic development.

The required investment in the project would be around $1 billion.

Iran also plans to introduce its new heavy crude grade from the West Karoun oil field as soon as six months from now.