Tag Archives: National Iranian Oil Co. (NIOC)

Under the sanctions. Iran'.s oil output was slashed by nearly 40% as a handful of buyers shipped in about 1 million bpd of oil from the country under special waivers.

A potential military confrontation in the Arab Persian Gulf should not be ruled out. It will unquestionably block oil and gas lanes. and spike oil prices to unknown levels.

Iranian oil ministry is preparing to hold a tender for the development of Azadegan oil field over the current year.

Iran prefers exporting liquefied natural gas (LNG) to distant markets including the EU. but no agreement has been reached so far for construction of the plants for the purpose.

Iran’s non-oil exports over the last fiscal year (started March 20) valued at $43.93 billion. The figure for the first half of the current year was $20.5 billion.

Iran has the potential to continue producing oil for at least a century.

The investment includes $5.8 billion for developing Farzad B and another $5 billion to build a facility to liquefy the gas and export it as liquefied natural gas (LNG).

Tehran is looking to increase its crude output. and with 37 billion barrels of oil. the Azadegan field is Iran’s largest. shared with neighboring Iraq.

Issues related to the Meghri hydropower plant program and Armenia-Iran-Turkmenistan trilateral cooperation were also discussed during the meeting.

Tehran has signed a raft of agreements with the likes of Eni. Shell. Schlumberger. Lukoil. Wintershall and OMV to study and potentially develop its massive oil and gas deposits.