Iran

Iran Seeks 500,000 Bpd Oil Swap With Caspian Countries

19 Aug 2017   Iran

Iran is ready to swap 500,000 bpd of oil with its fellow Caspian Sea countries, Iranian Fars news agency reported on Friday, quoting a senior official. According to Hamid Hosseini, head of the North department at Iranian Oil Pipeline and Telecommunication Company, a 272-km (169 miles) pipeline has been built to ship crude oil from the Neka terminal on the Caspian Sea to a Tehran refinery. Under the swap deals, refineries in Tehran and Tabriz use the swapped oil, while Iran delivers the same amount it receives via the Kharq Oil Terminal in the Persian Gulf. Last week, Iran resumed the oil swaps in the Caspian Sea after a 7-year suspension, Platts reported , quoting the National Iranian Oil Co. Several oil tankers have already been offloaded at the Neka terminal, the Iranian company said, but did not name the countries with which it had resumed swap deals. Before […]

Iran sees banking channels opening up

16 Aug 2017   Iran

With foreign energy companies signing early deals with Iran, the country’s president said banking channels to the world could be opening up. Last month, a consortium of French energy company Total, China National Petroleum Corp. and Petropars Ltd., a subsidiary of the state-run National Iranian Oil Co., signed a 20-year contract to help develop parts of the giant South Pars natural gas field in the Persian Gulf. It was the first contract since Iran implemented a multi-lateral nuclear deal in early 2016. With Iranian President Hassan Rouhani earning a second term in office earlier this year, the Total-led deal cleared a path for future investments from foreign energy companies. Rouhani, who helped steer the post-sanction economy, set a goal of signing 10 new […]

Iran could quit nuclear deal in ‘hours’ if new U.S. sanctions imposed: Rouhani

15 Aug 2017   Iran

Iran could abandon its nuclear deal with world powers “within hours”, if the United States continues to impose new sanctions, Iranian President Hassan Rouhani said on Tuesday. “If America wants to go back to the experience (of imposing sanctions), Iran would certainly return in a short time — not a week or a month but within hours — to conditions more advanced than before the start of negotiations,” Rouhani told a session of parliament broadcast live on state television.

Is Trump Gearing Up To End The Iran Nuclear Deal?

15 Aug 2017   Iran, USA

Jack Thompson and Oliver Thränert argue that President Trump´s administration is laying the groundwork for the U.S. to withdraw from the Iran nuclear deal. However, they suggest that if the U.S. were to end its participation in the Joint Comprehensive Plan of Action (JCPOA) on Iran’s nuclear program, it would severely damage transatlantic relations and the nuclear non-proliferation regime. As a result, Thompson and Thränert urge European governments to talk with Trump’s most influential advisers and convince them that a unilateral withdrawal from the JCPOA will leave the U.S. isolated. U.S. President Trump seems determined to kill the nuclear deal with Iran. European leaders should strive to prevent this, as it would severely damage transatlantic relations and the nuclear non-proliferation regime. Key Points • The Joint Comprehensive Plan of Action (JCPOA) of 2015, which would have been impossible without close transatlantic cooperation, brought Iran back into compliance with the […]

Why Trump Won’t Tear Apart The Iran Nuclear Deal

9 Aug 2017   Iran

Last month, the U.S. government certified Iran’s compliance to the terms of the 2015 nuclear deal – a required approval mechanism that dictates the life or death of the deal, reviled by the White House’s new resident. “The Secretary of State is in the process as we speak of certifying to the Congress that the conditions that are laid out in the [Iran Nuclear Agreement Review Act] have been met based on information available to the United States,” an anonymous official told The Hill in mid-July. “However, the Secretary of State and the President intend to emphasize that Iran remains one of the most dangerous threats to U.S. interests and to regional stability and to highlight the range of malign activities by Iran that extend well beyond the nuclear realm,” the official added. The Trump administration argues that the deal was intended to curb Iran’s support of President Bashar […]

In Iran, Rouhani Begins 2nd Term With Signs He’s Yielding to Hard-Liners

3 Aug 2017   Iran

President Hassan Rouhani, endorsed by Iran ’s supreme leader on Thursday with a nationally televised cheek-kiss, is starting his second term under newly intense pressure from both hard-line opponents and many of his own reform-minded supporters. His brother had to be bailed out from prison after a July arrest on corruption charges that some experts see as political payback for the president’s re-election. A key oil deal Mr. Rouhani negotiated with a French company has led to accusations that he is selling the country off to foreign interests. President Trump has just signed into law new sanctions that undermine the signature achievement of Mr. Rouhani’s first term, the nuclear agreement. Now, as Iran prepares for his second inauguration on Saturday, some of the forces […]

Gas pipeline inaugurated in northern Iran

3 Aug 2017   Iran

National Iranian Gas Co. said a natural gas pipeline able to lower reliance on former supplier Turkmenistan has been inaugurated in northern Iran.  Oil Minister Bijan Namdar Zanganeh opened a 160-km, 42-in. pipeline that will carry gas from a connection at Damghan through Kiasar and Sari to Neka on the Caspian Sea. The gas will come from supergiant South Pars field in the Persian Gulf.  The pipeline’s capacity, according to Iranian Gas Engineering & Development Co., is 10 million cu m/day.  The pipeline will deliver gas to the Iranian provinces of Golestan, Mazandaran, and Gilan, which suffered last winter when Turkmenistan halted deliveries (OGJ, Jan. 4, 2017). The Turkmen foreign ministry said it suspended sales to force Iran to repay debt. NIGC called the move a violation of the countries’ agreement and complained the supplier had hiked the price. Iran received as much as 10 billion cu m/year of gas from Turkmenistan after its imports from the country started in 1997.  The Turkmen government has been hurt by declining gas prices and sales.  Gazprom stopped buying Turkmen gas early in 2016 because of a price dispute.  And Chinese purchases of Turkmen gas via three pipelines transiting Kazakhstan and Uzbekistan have fallen below the government’s expectations.  Plans for a fourth pipeline between Turkmenistan and China, transiting Uzbekistan and Kyrgyzstan, were suspended in March.

Iran making pipeline strides

3 Aug 2017   Iran

Iran is becoming less dependent on its neighbors for natural gas with the launch of a pipeline to the northern provinces, the government said. Iranian Energy Minister Bijan Zangeneh was on hand for a ceremony for the launch of the Damghan-Neka natural gas pipeline for the customers in the isolated north of the country, the energy ministry’s news website SHANA reported. “Construction of the project began 10 years ago but gained much momentum after Turkmenistan reneged on its promise to supply gas to Iran last winter demanding extra charges for its gas to Iran,” the report read. “The much-awaited gas pipeline is going to guarantee the steady supply of natural gas to the regions […]

Kurdistan Claims Iraq-Iran Oil Pipeline Violates U.S. Sanctions

2 Aug 2017   Iran, Iraq

The autonomous Iraqi region of Kurdistan has not been informed of plans by the central government that Iraq and Iran agreed to study the potential construction of a pipeline that would export crude oil from fields in Kirkuk via Iran, a senior Kurdish lawmaker told London-based Arab daily Asharq al-Awsat on Tuesday, adding that the Iraq-Iran project was violating U.S. sanctions on Iran. Over the weekend, Iran’s Oil Minister Bijan Zanganeh said that Iraq and Iran had reached an agreement to commission a feasibility study of a crude oil pipeline that would export oil from fields in Kirkuk via Iran. “In order to raise more legal problems in Kirkuk, Baghdad and Tehran have been trying for a long time to work on a pipeline to transport crude oil from the province to the Iranian territories,” Dilshad Shaaban, deputy chairman of the Kurdistan Parliament’s natural resources committee, told Asharq Al-Awsat. […]

Baghdad pursues Kirkuk-Iran pipeline

1 Aug 2017   Iran, Iraq

After voicing opposition to the KRG’s independence referendum, Iran contemplates a deal that could shift the balance of power in Iraq’s disputes over territory and oil. Iraqi Oil Minister Jabbar al-Luiebi answers questions from reporters at the OPEC headquarters ahead of the organization’s crucial meeting on May 25, 2017. (BEN LANDO/Iraq Oil Report) Iraq is taking steps to build an oil pipeline from Kirkuk to Iran – an initiative that could further complicate long-standing disputes between Baghdad and the autonomous Kurdistan region over oil and territorial control. “We agreed on a joint committee to study the possibility of exporting Kirkuk’s oil to an Iranian refinery by pipeline,” said Iraqi Oil Minister Jabbar al-Luiebi, in a statement issued after Sunday meetings in Tehran with his counterpart, Iranian Oil Minister Bijan Zanganeh. This content is for registered users. Please login to continue. If you are not a registered user, you may […]

Iran, Iraq moving closer to construction of Kirkuk pipeline: minister

31 Jul 2017   Iran, Iraq

Iran and Iraq are moving closer to building a pipeline that would export crude oil from the northern Iraqi fields of Kirkuk via Iran, Iranian Oil Minister Bijan Zanganeh said on Sunday after meeting his Iraqi counterpart Jabar al-Luaibi, according to the official news site of the Iranian oil ministry. Agreements were reached between the two ministers about an international company that will carry out a feasibility study of the project, Zanganeh was quoted as saying in the SHANA report. Iraq and Iran signed a memorandum of understanding in February to study the construction of the pipeline. Separately, Zanganeh said Iran would begin exporting gas to the Iraqi city of Basra in coming months. He said there had been some problems in receiving payments for current gas exports to Iraq via banks and that Iran was receiving cash payments.

Russia drafts agreement to tap Iranian oil fields

29 Jul 2017   Iran, Russia

Russia and Iranian agreement involves the potential to tap into Iranian oil fields. The signing of the deal comes as both countries face tighter sanctions pressure from U.S. lawmakers. Image courtesy of Gazprom Neft. July 28 (UPI) — An agreement with an Iranian engineering services company expressed mutual interest in working in the oil fields of Iran, a Russian energy company said. Russian energy company Gazprom Neft signed a memorandum of understanding with Iran’s Oil Industries’ Engineering & Construction. The agreement confirms “both companies’ mutual interest in combining forces in the preliminary assessment and investigation of the geological potential of oil fields located in the Islamic Republic of Iran,” the Russian company stated . The memorandum came as both sides faced pressure from U.S. lawmakers. On Tuesday, the U.S. House of Representatives, in a 419-3 vote , opted to toughen sanctions on Iran, North Korea and Russia. House Speaker […]

Trump Seeks Way to Declare Iran in Violation of Nuclear Deal

28 Jul 2017   Iran, USA

President Trump, frustrated that his national security aides have not given him any options on how the United States can leave the Iran nuclear deal, has instructed them to find a rationale for declaring that the country is violating the terms of the accord. American officials have already told allies they should be prepared to join in reopening negotiations with Iran or expect that the United States may abandon the agreement, as it did the Paris climate accord. And according to several foreign officials, the United States has begun raising with international inspectors in Vienna the possibility of demanding access to military sites in Iran where there is reasonable suspicion of nuclear research or development. If the Iranians balk, as seems likely, their refusal could enable Washington to declare Tehran in violation of the two-year-old deal. Mr. Trump has enormous latitude to abandon the accord. It was never a […]

Iran skips opportunity to upset nuclear deal over U.S. sanctions: sources

22 Jul 2017   Iran

Iran decided on Friday for the second time since January not to upset its nuclear pact with six world powers, two informed sources said, despite public statements by Tehran accusing the United States of violating the deal. Iranian President Hassan Rouhani said on Wednesday new U.S. economic sanctions imposed against Iran contravened the nuclear accord reached with world powers in 2015 and he pledged Tehran would “resist” them while respecting the deal itself. The Trump administration slapped new sanctions on Iran on Tuesday over its ballistic missile program and said Tehran’s “malign activities” in the Middle East undercut any “positive contributions” coming from the nuclear accord, which was reached during the Obama administration. Iran can use the so-called Joint Commission meetings held every three months in Vienna to trigger a formal dispute resolution mechanism set out for cases where one party feels there is a breach […]

Could The Gulf Dispute Actually Help Iran?

21 Jul 2017   Iran

The on-going diplomatic feud in the Persian Gulf pitting Qatar against a coalition of Arab states led by Saudi Arabia has already disrupted regional affairs to a significant extent: economic blockades, rejected airspace and closed embassies are just a few features of this sudden, somewhat unexpected rift between Doha and the rest of the Gulf. Triggered by a hack of Qatar’s state website (a cybercrime which investigations have confirmed originated in the United Arab Emirates) that portrayed the country’s ruler as supporting the Islamic Republic of Iran, the feud is largely fueled by anger in Riyadh and other Arab capitals over Qatar’s independent foreign policy, particularly its alleged backing of terrorist groups and its relationship with Tehran. An economic blockade on Qatar has not had a serious impact on the country’s ability to export natural gas, though there remains some risk it could force Doha to stray from OPEC’s […]

U.S. targets Iran with new economic sanctions over its ballistic missile program

19 Jul 2017   Iran

WASHINGTON (Reuters) – The Trump administration on Tuesday unveiled new economic sanctions against Iran over its ballistic missile program and for contributing to regional tensions, one day after warning Tehran that it was not following the spirit of its nuclear agreement with world powers. The U.S. Department of Treasury, in a statement, said it was targeting 16 entities and individuals for supporting what is said was “illicit Iranian actors or transnational criminal activity.” Those sanctioned had backed Iran’s military or Iran’s Islamic Revolutionary Guard Corps (IRGC) by developing drones and military equipment, producing and maintaining boats, and procuring electronic components, the U.S. said. Others has also ‘orchestrated the theft of U.S. and Western software programs’ sold to Iran’s government, the Treasury Department said. The U.S. State Department had also designated two Iranian organizations involved in Iran’s ballistic missile program, according to the Treasury Department.

Iran Looks To Close More Deals But Oil Majors Are Cautious

19 Jul 2017   Iran

Iran is on track to reach a major national milestone this year, if the nation’s oil spokesmen are to be believed. On Wednesday deputy oil minister Amir Hossein Zamaninia predicted oil production would reach 4 million bpd by the end of 2017, and certainly exceed that level by the end of the Iranian calendar year (March 2018). Since international sanctions on its oil and gas industry were lifted in January 2016, Iran has managed to increase production to pre-sanctions levels, reaching 3.8 million in May 2017, the highest level in seven years. But 4 million bpd, long a national goal and symbolic of a full recovery, is now within reach. Iran, the third-largest producer in OPEC, agreed to the group’s production cuts last year and to their extension in May. Citing its recovery from sanctions, Iran was exempt from production cuts, allowing its output to exceed 3.7 million bpd. […]

U.S. certifies that Iran is meeting terms of nuclear deal

18 Jul 2017   Iran, USA

Iranian Foreign Minister Mohammad Javad Zarif greets U.N. Secretary General António Guterres at the U.N. headquarters in New York on Monday. (Lucas Jackson/Reuters) The Trump administration certified to Congress late Monday that Iran has continued to meet the required conditions of its nuclear deal with the United States and other world powers. But senior administration officials made clear that the certification was grudging, and said that President Trump intends to impose new sanctions on Iran for ongoing “malign activities” in non-nuclear areas such as ballistic missile development and support for terrorism. “We judge that these Iranian activities severely undermine the intent” of the agreement as a force for international stability, one official said. Iran is “unquestionably in default of the spirit of the JCPOA,” or Joint Comprehensive Plan of Action, that took effect in January 2016 after years of negotiations, the official said. International monitors and other signatories of […]

Iran sets goal of 10 new oil, gas deals

18 Jul 2017   Iran

The Iranian government said it wants to secure 10 new oil and gas deals by the end of the calendar year, which for Iran ends in March. File photo by Maryam Rahmanian/UPI July 17 (UPI) — The Iranian government aims to sign a handful of oil and gas development deals with foreign companies by the end of the year, an oil company director said. Gholamreza Manouchehri, deputy for development and engineering at the National Iranian Oil Co., said President Hassan Rouhani has set of goal of signing 10 new development deals by the end of the Iranian calendar year, March 20. “The gas deal [with Total] and similar contracts will increase the country’s stability and security,” he was quoted as saying by SHANA, the Iranian Oil Ministry’s news website. “We are keen to accelerate the development of Iran’s petroleum industry and plan to sign 10 more deals by the […]

Iran Signs Deal With Japan’s Toyo To Boost Output At Offshore Field

18 Jul 2017   Iran, Japan

The National Iranian Oil Company (NIOC) signed on Monday a memorandum of understanding with a consortium that includes Japan’s engineering group Toyo to revamp the facilities and upgrade gas production at the Salman field in the Persian Gulf. Iranian company Petropars is also part of the consortium, Iran’s oil ministry’s news service, Shana, reported. Under the memorandum of understanding, NIOC, Petropars, and Toyo will finance studies for the rehabilitation project, but if they decide to turn the MoU into a deal, it would be an Engineering, Procurement, Construction and Finance (EPCF) contract, with the Japanese firm financing the project, Shana quoted Gholamreza Manouchehri, deputy for development and engineering at NIOC, as saying. According to Oil & Gas Journal , the Salman oil and gas field that straddles the Iranian-UAE maritime border holds 473 million barrels of oil and 5.2 bcm of natural gas. Studies for the fie from the […]

Trump administration plans to certify Iranian compliance with nuclear agreement

14 Jul 2017   Iran, USA

Iranian President Hassan Rouhani speaks at a conference in Tehran on July 3. The Trump administration plans to certify that Iran is in compliance with the nuclear agreement. (Vahid Salemi/AP) The administration has decided for the second time since January to certify Iranian compliance with the nuclear agreement that President Trump has called a “disastrous” deal, according to U.S. and foreign officials. The decision followed what several officials characterized as heated internal debate that culminated at a principals committee last week in a clash between a number of White House officials and Secretary of State Rex Tillerson and Defense Secretary Jim Mattis. Tillerson has statutory responsibility for certifying Iran’s compliance to Congress every 90 days, a deadline that falls next Monday. Some White House officials and lawmakers argued that Iran has breached the deal in several significant areas. But Tillerson and Mattis noted that international monitors and U.S. allies […]

Big Oil Stays Wary on Iran

13 Jul 2017   Iran

Iran’s ambitious agenda for its oil-and-gas industry is running up against the caution of big energy companies. At a major energy conference here, Iranian officials said French oil giant Total SA’s commitment of $1 billion toward a gas project this month marked a new chapter in the country’s energy business since the end of Western sanctions. Iranian officials promised 10 contracts like it in the next year and said they were…

Iran sees oil output rising to 4 million bpd by year end

12 Jul 2017   Iran

Iran’s oil output will rise to around 4 million barrels per day by the end of the year, an Iranian oil official said on Wednesday as the OPEC member tries to ramp up production after years of international sanctions. “By the end of 2017 we hope to reach about 4 million barrels per a day,” Amir Hossein Zamaninia, Iran’s deputy oil minister for trade and international affairs, told reporters in Istanbul. Iran has been producing around 3.8 million barrels per day in recent months. (Reporting by Olesya Astakhova; Editing by Susan Fenton)

Iran expects steep increase in gas output, exports

11 Jul 2017   Iran

FILE PHOTO – A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. Iran will see a steep rise in its natural gas output and exports after last year’s easing of Western sanctions, its deputy oil minister said on Tuesday, adding that recent deals with global firms show they believe sanctions will not come back. Amir Hossein Zamaninia, Iran’s deputy oil minister for trade and international affairs, said Iran’s gas production would rise to 1 billion cubic metres a day by the end of the year from the current 800 million cubic metres (mcm) per day. He said volumes available for export should reach 365 mcm a day by 2021, which is higher than the exports of the world’s top liquefied natural gas producer Qatar. France’s Total signed a deal earlier this […]

Ships Exporting Iranian Oil Go Dark, Raising Sanctions Red Flags

6 Jul 2017   Iran, OPEC

Ships chartered by two oil traders responsible for a significant share of Iran’s fuel exports last year failed to transmit their location and the origin of their cargo—red flags for governments seeking evidence of evasion of sanctions on Tehran. The ships’ radio-signal tracking systems were often not in use and occasionally indicated the ships had sailed from countries other than Iran, a Wall Street Journal investigation found. …

Companies invited to oil sector, Iran says

6 Jul 2017   Iran

Invitations have been sent out to verified companies to take part in the development of the inland Azadegan oil field, Iran’s oil minister said Wednesday. Iran shares borders with Iraq in the Azadegan oil field, which is estimated by Iran to hold around 6 billion barrels of recoverable oil reserves. Past contracts with China National Petroleum Corp. were torn up because the Chinese side wasn’t meeting Iran’s expectations. Iranian Oil Minister Bijan Zangeneh said Wednesday the process has started to bring foreign energy companies back into the fold. “Some verified companies have been invited,” he was quoted as saying by the official Islamic Republic News Agency. Zangeneh in May said Iran “will hopefully” sign the first […]

Total marks Iran return with South Pars gas deal

4 Jul 2017   France, Iran

The logo of French oil company Total is seen at a Total gas station in Paris, France, April 19, 2016. France’s Total signed a deal with Tehran on Monday to develop phase 11 of Iran’s South Pars, the world’s largest gas field, marking the first major Western energy investment in the Islamic Republic since the lifting of sanctions against it. Total will be the operator with a 50.1 percent stake, alongside Chinese state-owned oil and gas company CNPC with 30 percent, and National Iranian Oil Co subsidiary Petropars with 19.9 percent. The project will have a production capacity of 2 billion cubic feet per day, or 400,000 barrels of oil equivalent per day including condensate, Total said in a statement, adding that the gas will supply the Iranian domestic market starting in 2021. The first stage of the South Pars development will cost around $2 billion, Total added. The […]

Legal action deters KRG crude sales to Canada

4 Jul 2017   Canada, Iran

After Baghdad obtained a Canadian warrant to seize a tanker of Kurdistan exports, the Neverland has sailed back into the Atlantic Ocean. A tanker loads Kirkuk crude at the Turkish port of Ceyhan in May 2015. (STAFF/Iraq Oil Report) Iraqi legal action has prevented oil exports from Kurdistan from being offloaded in Nova Scotia, after a Canadian court issued a warrant to seize the cargo of the Neverland oil tanker. The federal government’s intervention is a sign that unresolved oil policy disputes between Baghdad and Erbil continue to complicate the Kurdistan Regional Government’s (KRG) attempts to establish a fully independent oil sector. This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .

Total to Sign Milestone Iran Gas Deal Since Sanctions Eased

3 Jul 2017   France, Iran

Total CEO to be in Tehran Monday for agreement: oil ministry Deal is to develop Iran’s share of world’s biggest gas field Iran plans Monday to sign a formal contract with Total SA and China National Petroleum Corp. to develop its share of the world’s biggest natural gas field — the first investment in the country by an international energy company since sanctions were eased last year. Total and CNPC signed a “heads of agreement” with National Iranian Oil Co. in November to develop phase 11 of the South Pars offshore gas field, a deal that was valued then at $4.8 billion. Total Chief Executive Officer Patrick Pouyanne will be in Tehran for the signing of the formal agreement, Parastoo Younchi, the Iranian oil ministry official in charge of foreign media relations, said Sunday. Patrick Pouyanne Photographer: Simon Dawson/Bloomberg A Total official confirmed that a 20-year contract with very […]

Iranian gas trickles into Iraq after multi-year delay

30 Jun 2017   Iran

Power plants in Diyala and Baghdad are running tests on newly flowing Iranian gas, but security problems and payment terms remain unresolved. The Mansuriya power plant in Diyala province, near the Iranian border, seen on June 22, 2017, begins test operations from gas piped from Iran. (ADAM AL-ATBI/Iraq Oil Report) Gas deal first signed in 2013, delayed by IS Pipeline construction began in 2011 Iranian and Iraqi contractors on pipeline often attacked MANSURIYA – Iranian gas has begun feeding two power plants in Iraq, following years of delays . The two governments still have not reached a final agreement on payments, and the current flows constitute a “test start,” according to Hamid Younis Salih, Iraq’s Deputy Oil Minister for Gas Affairs. This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free […]

Who Controls Iran’s Energy Sector?

29 Jun 2017   Iran

Despite having a more diversified economy than its Gulf neighbours, oil and gas revenues only account for 11 percent of Iran’s GDP. Its oil & gas sectors are strategic not only due to their size (the world’s fourth largest oil reserves and first gas reserves), but also because 40 percent of Iran’s foreign currency reserves come from oil & gas revenues. Although Iran’s multi-level, multi-polar political system allows indirect recourse to the popular will, it maintains decision making power in a fairly small circle dominated by clerical authorities. At the centre is the Supreme Leader, who has the ultimate authority to rule on all state matters. Underneath him are a sprawling number of overlapping and redundant institutions and committees ensuring that the most important decisions are taken by consensus – finding the smallest common denominator acceptable to all of Iran’s many political factions and stakeholders. Given how intertwined politics […]

Iran’s Largest Oil Terminal Boosts Capacity To 8 Million Bpd

27 Jun 2017   Iran

The Kharg oil terminal in Iran has increased its crude oil loading capacity to 8 million barrels per day (bdp), three times the current Iranian crude and condensate exports, the managing director of the Iranian Oil Terminals Company (IOTC) said over the weekend. According to official data quoted by Iranian economic daily Financial Tribune, Iran’s exports are currently more than 2 million bpd of crude oil, plus another 600,000-700,000 bpd of condensates. The Kharg oil terminal crude loadings account for 95 percent of Iran’s crude oil exports, Pirouz Mousavi, the managing director of IOTC, was quoted as saying by the oil ministry’s news service, Shana. Vessel traffic at the Kharg has been rising since some of the Western sanctions against Iran were lifted in January 2016, according to the manager. Energy giants such as France’s Total, Italy’s Eni, and Russia’s Lukoil have also sent tankers for loading at the […]

Iran starts gas exports to Iraq, Iranian official tells IRNA

22 Jun 2017   Iran, Iraq

Iran has begun exporting gas to Iraq, an Iranian official told the state-run Islamic Republic News Agency (IRNA) on Wednesday, after a several years of delays. The neighbors, both members of the Organization of the Petroleum Exporting Countries, initially signed a deal in 2013 for Iran to supply Iraqi power stations, but officials in the past blamed poor security in Iraq for hampering implementation. Exports had started at approximately 7 million cubic meters per day and would eventually reach up to 35 million cubic meters per day, Amir Hossein Zamaninia, the deputy oil minister for trade and international affairs, told IRNA. Iran signed two contracts to export gas, one for the Iraqi capital Baghdad and the other for southern Iraqi city of […]

Iran says OPEC considering deeper output cuts, delegates skeptical

22 Jun 2017   Iran, OPEC

Iran’s Oil Minister Bijan Zanganeh talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. OPEC members are considering further oil output cuts but should wait until the effect of the current reduced level of production is made clear, Iran said on Wednesday, hinting at possible further OPEC action after oil sank to a seven-month low. OPEC and allied outside producers agreed on May 25 to extend an existing supply cut into 2018, but oil has declined sharply since on rising production from the United States and Nigeria and Libya, two OPEC members exempt from cutting output. “We are in discussions with OPEC members to prepare ourselves for a new decision,” Iranian oil minister Bijan Zanganeh said after a cabinet meeting, according to the website for the Islamic Republic of Iran Broadcasting (IRIB). “But making […]

Iran: Production cuts difficult for OPEC members

22 Jun 2017   Iran, OPEC

Cutting back on production levels is a difficult task for members of the Organization of Petroleum Exporting Countries, Iran’s oil minister said Wednesday. Iran ranks third among OPEC member states in terms of proven crude oil reserves. Production has been more or less steady since the fourth quarter of 2016 at 3.7 million barrels per day, though that’s up about 8 percent from 2016. While other OPEC members are cutting output in a coordinated effort to balance the market, Iran can increase production as it works to recapture a market share lost to global sanctions. Speaking from Tehran, Oil Minister Bijan Zanganeh said his country was in talks with other OPEC members on current market conditions. With a steady gain in […]

Total Pledges $1 Billion Investment in Iran Gas Field

21 Jun 2017   France, Iran

France’s Total SA said Tuesday it would push forward with a $1 billion investment this summer in a giant Iranian gas field, the first commitment by a Western company to put real money into the Islamic Republic’s re-emerging energy industry. The Paris-based oil giant has been at the forefront of Western energy companies looking to return to Iran after sanctions on its energy industry were lifted in January 2016. Total reached a preliminary agreement late last year with China National Petroleum Corp. and an Iranian company…

Iran expects contract developments with French major Total

20 Jun 2017   France, Iran

Iran is in the final stages of signing agreements with French energy company Total to develop parts of the giant South Pars field, Iran’s energy minister said. The French energy company, under pressure from Washington in the pre-sanctions era , was the source of Iranian frustration after showing a lack of progress in developing parts of the South Pars field in the Persian Gulf. With sanctions pressures easing in the wake of a multilateral nuclear deal, chairman and CEO Patrick Pouyanne said in February that future growth could come from projects in the Islamic republic. Total is among the major European energy companies moving into the Iranian energy sector with the recent signings of memoranda of understanding with its […]

Iran sees gas deal with Total within weeks: minister

Iran expects to sign a long-delayed gas deal with French oil major Total ( TOTF.PA ) in the next few weeks, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday. “Iran and Total are summing up the discussions on signing the contract for the development of phase 11 of South Pars, and this is almost in the final stages,” said Zanganeh, quoted by the oil ministry’s news website SHANA. “The contract … will be signed before the end of the (current) government,” Zanganeh said. Re-elected in May, President Hassan Rouhani is expected to form his new cabinet in August. Total’s chief executive Patrick Pouyanne said in late May that the company planned to conclude the South Pars gas deal before […]

Iran Aims To Develop Its Largest Oil Field

13 Jun 2017   Iran

One of Iran’s top energy priorities this year would be developing onshore and offshore oil fields that it shares with neighboring countries, the official Islamic Republic News Agency (IRNA) quoted deputy oil minister Ali Kardar as saying on Monday. The official named South Pars phase 11 (oil layer) and the Azadegan oil field as priority developments, and Iran hopes to sign contracts for them by the end of the current Iranian year, through March 20, 2018. “The fields are on priority list and the Ministry of Petroleum emphasizes their development, as they are shared fields,” IRNA quoted Kardar as saying. According to the official news agency, the official also noted that new oil contracts worth US$15 billion would be signed with international companies by the end of the Iranian year. While Iran was under the Western sanctions, its neighbors developed their parts of the shared fields with the help […]

Iran prioritizes development of shared oil fields

13 Jun 2017   Iran

Iran aims to prioritize the development of the oil and gas fields that straddle the land and maritime borders with its neighbors. File photo by Maryam Rahmanian/UPI June 12 (UPI) — Tapping into the oil reservoirs straddling Iran’s land and maritime borders are among the top priorities for the year, a deputy minister said. Ali Kardar, the deputy petroleum minister, said neighboring Iraq and Qatar have extracted oil and gas reserves with the help of multinational energy companies and Iran is looking to replicate that success . Iran shares borders with Iraq in the Azadegan oil field and with Qatar in the South Pars oil and gas complex in the Persian Gulf. “The fields are on priority list and the Ministry of Petroleum emphasizes their development,” the deputy minister told the official Islamic Republic News Agency. Highlighting the Azadegan prospect has been commonplace for Iran as it looks to […]

Iran raises oil exports to West, almost on par with Asia

10 Jun 2017   Iran

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. To match Exclusive OPEC-OIL/ Iran’s oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC’s second biggest oil exporter, has been raising output since 2016 to recoup market share lost to regional rivals including Saudi Arabia and Iraq. While many Asian nations continued to purchase oil from Iran during sanctions, Western nations halted imports, halving Iran’s overall exports to as little as one million barrels per day (bpd). Last month, Iran exported about 1.1 million bpd to Europe including Turkey, almost reaching pre-sanction levels and only slightly below the […]

Iran’s Parliament, Shrine of Ayatollah Hit by Attackers

7 Jun 2017   Iran

TEHRAN—Gunmen and suicide bombers struck Iran’s Parliament and the shrine of Ayatollah Ruhollah Khomeini on Wednesday, killing at least seven people in what officials called a rare terror attack in the country. Islamic State claimed responsibility for the attacks via a statement posted to its official Amaq news agency. It would be the Sunni Muslim terror group’s first attack in Shiite Iran. But the extent of the group’s…

Will This Foreign Oil Giant Grab Iran’s First Post-Sanctions Project?

1 Jun 2017   Iran

Iran’s newly-opened oil patch continues to gain momentum. With the UAE’s Emirates National Oil Company saying this week it has paid $4 billion to Iran to settle a tab for crude, built up during the sanctions period . And the coming weeks may bring an even bigger development for this emerging oil hotspot. The award of Iran’s first post-sanctions petroleum contract — representing the first-ever occasion in modern times that projects here will be available on global-scale commercial terms. The CEO of National Iranian Oil Company, Ali Kardor, said early this week that the government will soon issue its first project tender. For the Azadegan oil field, located near Iran’s border with Iraq. Kardor noted the tender for Azadegan will be released by June 2 — with 29 pre-qualified companies reportedly invited to bid. Iran’s oil minister Bijan Zanganeh confirmed the tender. Saying his ministry is finalizing a contract […]

Iran could see new oil deals by July

31 May 2017   Iran

By July, Iran could sign off on its first post-sanctions contract tied to the development of one of its largest oil fields, the country’s oil minister said. A report from Shana , the official news agency of the Iranian Oil Ministry, stated that Petroleum Minister Bijan Zangeneh “will hopefully” sign the first oil deal developed under post-sanctions contractual terms before Iranian President Hassan Rouhani ‘s first term ends in July. The contract would be tied to the Azadegan oil field, one of Iran’s largest, and “the invitation to tender for development … has started already,” the report read. According to Tehran, the border Azadegan complex holds around 6 billion barrels of recoverable oil reserves. China National Petroleum Corp was […]

Tender for Iran’s Azadegan oilfield has started: oil minister

29 May 2017   Iran

Iran’s Oil Minister Bijan Zanganeh talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. The tender for Iran’s Azadegan oilfield has started, the country’s oil minister said on Monday, according to the Islamic Republic News Agency (IRNA). “Right now the tender for developing the Azadegan field is being carried out,” said Bijan Zanganeh. The Azadegan field, in southwest Iran near the border with Iraq, is considered to be the biggest oilfield in the Islamic Republic, IRNA reported. It has 37 billion barrels of oil, Petroleum Engineering and Development Company Managing Director Seyed Noureddin Shahnazizadeh told Mehr News agency this month. (Reporting by Babak Dehghanpisheh; Editing by Joseph Radford)

Iran sees oil production growing through multilateral agreements

9 May 2017   Iran

Iran could see its standing among OPEC members and on the global stage stabilize with global production agreements, a national oil company director said. Iran on Monday started Day 2 of a four-day oil and gas conference in Tehran. The oil ministry’s official news website Shana reported there were thousands of exhibitions “from across the globe” on hand to participate. Gholam-Reza Manouchehri, a deputy director at the National Iranian Oil Co., said Iran has signed more than 20 memoranda of understanding with domestic and international oil companies since sanctions pressured eased in response to a multilateral nuclear deal implemented in January 2016. Production through the arrangements could increase and “the boost is aimed at promoting and stabilizing the country’s footing in the […]

Iran warns Saudi prince for bringing ‘battle’ to Iran remark

8 May 2017   Iran, Saudi Arabia

Iran’s defense minister on Monday lashed back at Saudi Arabia, slamming the kingdom’s deputy crown prince over belligerent comments last week that underscored the deep rivalries between the Sunni and Shiite power. In a wide-ranging interview, Saudi Prince Mohammed bin Salman said there was no space for dialogue with rival Iran due to its Shiite ambitions “to control the Islamic world.” Framing the tensions with Iran in sectarian terms, the prince said the Saudis would not sit and wait for war but would “work so that it becomes a battle for them in Iran and not in Saudi Arabia.” On Monday, Iran’s defense minister Gen. Hossein Dehghan was quoted as saying that Iran would advise against “such a stupidity” because in that case, nothing would be “left in Saudi Arabia except Mecca and Medina,” the two holy cities. Dehghan spoke to Al-Manar […]

Iran Will Go Along With What OPEC Decides on Extending Oil Cuts

6 May 2017   Iran

Oil exports now at about 2.5 million barrels a day: Zanganeh Oil minister says he expects oil to trade at $55 a barrel Iran will go along with whatever decision OPEC makes at its meeting later this month on whether to extend oil production cuts beyond June, Oil Minister Bijan Namdar Zanganeh said. “All indications are that the members want a renewal of the deal and we will go along with what they agree upon,” Zanganeh said Saturday on the sidelines of an energy trade show in Tehran. Producers outside OPEC that joined the oil pact will probably agree to keep the cuts for longer, he said. Crude has surrendered all of its gains since the Organization of Petroleum Exporting Countries agreed in November to cut output. Brent crude, the global benchmark, slumped to a five-month low of $46.64 a barrel in New York on Friday, bringing prices down […]

Iran To Raise Oil Output At Oil Field It Shares With Saudi Arabia

5 May 2017   Iran

The Iranian Offshore Oil Company will increase production at the Foroozan oil field, which Iran shares with Saudi Arabia, by 12,000 barrels daily, the company’s executive director told Iranian media, adding that it will install two platforms at the field soon. Iran has 11 percent of the field—which Saudi Arabia calls Marjan—whose reserves are estimated at 2.3 billion barrels. Besides it, Iran and Saudi Arabia also share another two fields in the Persian Gulf, Lulu and Dorra, respectively Esfandiyar and Arash on the Iranian side. The ramp-up is part of Iran’s efforts to boost its crude oil and natural gas production as soon as possible, challenging the market shares of other OPEC producers in the region, most notably Saudi Arabia. Still, the country is cutting exports after it cleared out what was in storage before economic sanctions were removed and the market share challenge may subside. Iran’s crude oil […]

Iran’s president leans on economic successes

2 May 2017   Iran

Incumbent Iranian President Hassan Rouhani said easing international sections and addressing a high rate of inflation are priorities for the OPEC member state. “The first major issue needed to be addressed was the nuclear talks and bringing to an end international sanctions against the country,” he said of his first term in office. “The second problem was the rampant inflation rate while the third main problem was propping up production in the country.” A moderate by relative standards, Rouhani is campaigning against rival candidates Mostafa Aqa-Mirsalim, Eshaq Jahangiri, Ebrahim Raeisi, Mohammad- Baqer Qalibaf , and Mostafa Hashemi-Taba in the May 19 election. Under Rouhani’s tenure, Iran brought […]