"The Russian bid covers underwater area of some 1.2 million square km extending for more than 350 nautical miles from the coast," the Russian Foreign Ministry said, Reuters reported.

Halliburton Co. and Baker Hughes received Department of Justice second requests in February under Hart-Scott-Rodino Antitrust Improvements Act of 1976’s notification requirements. Baker Hughes certified the second request July 14.

 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.

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.

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.

Iranian officials recently said the country, an OPEC member, targets projects worth US$185 billion by 2020, Reuters reported. A pro-market economic policy package designed to win foreign investment was outline.

Requirement that consortia bidding on blocks must have one member as guarantor and $6 billion in shareholder equity to protect Mexico’s interest if major accident occurs will ease, Reuters said.

Iran, oil, production, sanction, investment

The country’s oil and gas sector development also hinges on the capacity to lure capital and technology from foreign companies, according to a report.

Block SC55 covers 9,880 sq km in southwest Palawan Basin in a proven oil and gas fairway. Maersk Venturer drillship will arrive at Hawkeye-1 well location at end of July.

State-owned Nigerian National Petroleum Corp. will be split into an independent regulator and an investor vehicle, said Femi Adesina, spokesman for President Muhammadu Buhari, Reuters reported. 

Italian oil company Eni was awarded three licenses covering 23 blocks, while Shell received one license to explore 10 blocks, government data showed, Reuters said. 

Shell is set to become the largest Brazilian offshore foreign operator after it completes the merger with BG, which it announced in April.