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.

Mexico, Round One, oil, gas, blocks, Gulf of Mexico, Phase 1

Commodity price uncertainty aside, issues raised after Mexico’s Round 1 Phase 1 can be addressed to move the country toward its goal of growing production and strengthening its economy.

Mexico’s energy ministry came up with a figure of lost offshore oil output almost 3x higher than Pemex’s, Bloomberg said. An April 1 blast affected the Abkatun fixed platform.

China and Japan should start joint development of resources with the precondition that activities won’t violate laws of the two countries, China's foreign ministry said. 

Shell must have emergency equipment called a capping stack deployable before drilling into the oil zone in the Chukchi Sea off Alaska, the government said.