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.
Completion of the acquisition is subject only to government approval, which the company said is expected shortly.
Development of North Pars, Golshan and Ferdowsi gas fields will be offered to investors at the upcoming London conference, according to state news agency Shana, Reuters said.
A state oil firm loyal to Libya's official government invited foreign oil firms to discuss existing oil purchase contracts at September conference in Dubai, according to a statement, Reuters reported.
ShaMaran Petroleum estimates the well can produce more than 10,000 barrels per day of oil.
Emirati firm Pacific and Malaysia's Hibiscus Petroleum will explore the 68sqkm (26sqm) Southeast Ras el-Ush concession in the Gulf of Suez, with a minimum investment of $68 million, Reuters reported.
"They received notification last week; a letter of intent," said one of the sources, who declined to be identified as the information isn't public.
Under the new project called MGS 2, SEPCO will build a gas compressor station, industry sources said, increasing the capacity of the MGS to 12.5 Bcf/d by 2018.
Iran and Qatar share the field, which Iran calls South Pars and Qatar calls the North Field. It straddles their offshore Gulf border and accounts for nearly all of Qatar's gas production and about 35 percent of Iran's.
A consortium headed by ONGC Videsh in 2008 discovered the gas field in the Farsi offshore block but could not obtain the permission to develop it due to Western sanctions against Iran’s nuclear program.
Deal will allow Texas-based Noble Energy and Israel's Delek Group to keep ownership of Leviathan. They will have to sell other assets, including stakes in the Tamar deposit, Reuters said.
The conference has been already postponed four times, including the current delay, because of uncertainty over sanctions and as Iranian officials are still working on the model for new contracts.
Nasser has been acting president and CEO of Saudi Aramco since April, when his predecessor Khalid al-Falih was appointed Aramco's chairman and also health minister.
Sparrows Group has been working together with ADMA-OPCO for about 16 years and have "established a strong and successful relationship," says chief executive.
Tendeka said it has been present in Oman since 2002 and deployed more than 4,000 of its Swellfix packers for Petroleum Development Oman since that time.
Indonesia, which left OPEC in 2009, would be the fourth-smallest producer in the group after reactivating its membership, Reuters said. Indonesia was the only Asian member for almost 50 years.