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.
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.
The neoBASIN study evaluated a 6,000-square mile area in Lebanon’s onshore northern half and in the transition zone along Mediterranean coast. Only seven wells have ever been drilled in Lebanon.
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.”
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.
Iran expects to raise oil output by 500Mbbl/d as soon as sanctions are lifted, and by 1MMbbl/d within months, Oil Minister Bijan Zanganeh said in broadcast remarks, Reuters reported.
Sinopec Group is expected to start producing at the Yadavaran Oil Field in Iran at 85Mbbl/d under phase-one development, two company sources said, Reuters reported.
The Gazprom Neft-led oilfield now produces around 35Mbbl/d, the company said, up from 27Mbbl/d to 28Mbbl/d in June, Reuters said. This is an increase of 25%.
Saudi Arabia could pump 50 million cubic feet per day of shale gas in 2016, Reuters reported. Unconventional gas potential was appraised in the northwest, Eastern Province and Empty Quarter.
DNO's technology and experience could be relevant to increase output from Iran's existing fields and for developing new ones, the company said.
A 150-km pipeline connects the platform for Tamar with the actual field offshore Israel. There are multiples of inflow pipes, generators and other equipment in case something breaks, Reuters said.
Saudi Aramco will put 40MMcf/d of CO2 into the Uthmaniyah area south of the Ghawar Field to boost oil recovery rates, its website said in Arabic, Bloomberg reported.
The EU removed Iran’s Petropars Operation and Management and Petropars Resources Engineering from its sanctions list, Reuters said. They are in a group extracting natural gas from South Pars Field.