Iran's deputy oil minister for commerce and international affairs, Hossein Zamaninia, said Tehran had identified nearly 50 oil and gas projects worth $185 billion that it hoped to sign by 2020. OPEC-member Iran has the world's largest gas reserves and is fourth on the global list of top oil reserves holders.
Although the world powers and Iran agreed to the pact, it still must be approved by individual countries and the UN Security Council. Analysts don’t foresee an immediate production ramp-up.
The oil industry’s demand for energy is growing rapidly, and solar can supply much of that power, GlassPoint Solar CEO Rod MacGregor said.
“Russia is increasingly looking east and the various deals made between Rosneft and China are likely to see more Russian crude head to China permanently,” an analyst told Bloomberg.
Thomson Reuters predicts Brent price and future prices will be affected the most if the sanctions are lifted.
Genel’s decision to stop exploring this year and other cost savings mean a $50 million reduction in the company’s capital expenditure program to $150 million to $200 million, it said in a trading update.
Premier Oil's Pakistan interests, including producing gas field interests, generate $30 million to $50 million in surplus cash, CEO Tony Durrant told Bloomberg. An unnamed party made an “attractive offer.”
German utility EON is working with Bank of America Corp. to possibly sell U.K. and Norwegian North Sea assets for US$2 billion, people with knowledge of private matter told Bloomberg.
GS Energy Corp., the energy unit of South Korea’s GS Holdings Corp., will access 50Mbbl/d of oil for its share in Abu Dhabi’s largest onshore oilfield concession, Bloomberg said.
Qatar Petroleum invited international oil and gas companies to compete for operation and development of its offshore al-Shaheen reservoir, its biggest oil field, Bloomberg said May 6.
Yuval Steinitz, minister of national infrastructure, energy and water resources, presented proposed guidelines for Israel’s offshore gas reserves, Bloomberg said. Development of one of the largest deepwater discoveries could result.
Top Israeli ministers meet about regulatory stall over developing Tamar and Leviathan offshore gas fields. Proposed plan has Noble and Israel’s Delek selling stakes in smaller offshore fields, Bloomberg said.
Pumping more oil was the goal discussed at the recent OPEC summit. OPEC has pumped above its production quota for months, determined to subdue supply from higher-cost producers, Bloomberg said.
Saudi Arabian Chevron started shutting production May 10 at Wafra oil fields, which Saudi Arabia, Kuwait jointly develop, Bloomberg was told by two people with knowledge of the private matter.
Japan’s state-backed E&P Inpex Corp. joined Total SA in developing the main onshore oil deposits in United Arab Emirates, Bloomberg said.
Abu Dhabi holds about 6% of global oil reserves.
The oil major said last month that some of its employees had recently met Iranian officials in Tehran.
Iran views the Asian market as a top priority for selling its crude oil, Mohsen Qamsari, director of international affairs at the National Iranian Oil Company was cited as saying by Shana, the oil ministry’s news agency.
The engineering, procurement and construction (EPC) project, valued at about $780 million, is integral to KOC’s plans to increase and maintain crude production over the next five years, Petrofac said in the release.
The long-term agreement (LTA), which was signed on June 10, at Saudi Aramco headquarters in Saudi Arabia, establishes the terms and conditions by which McDermott can bid on future engineering, procurement, construction and installation (EPCI) opportunities in various fields in offshore Saudi Arabia.
The scope of the new contract includes the supply of the second of three planned batches of subsea production trees and ancillaries. Deliveries are expected to commence in 2016, according to the news release.