Oil Ministry fulfils 70% of its revenue obligation in Q1

TEHRAN – Oil Ministry has fulfilled 70 percent of its revenue-generating obligations in the first three months of the current Iranian calendar year, an official with the National Iranian Oil Company (NIOC) said.

‘NIOC ready to return to maximum oil production level’

TEHRAN- National Iranian Oil Company (NIOC) is now ready to return to the maximum level of oil production, the NIOC director for supervising oil and gas production stated.

Daily production from South Pars phase 11 to reach 670m CF by late Sep.

TEHRAN – Iranian Oil Minister Javad Oji has said phase 11 of the South Pars gas field development project is going to go operational as of the seventh Iranian calendar month of Mehr (begins on September 21), producing 670 million cubic feet (CF) of natural gas on a daily basis.

Iran oil show 2022 kicks off

TEHRAN – The 26th International Oil, Gas, Refining and Petrochemical Exhibition of Iran (Iran Oil Show 2022) kicked off at Tehran Permanent International Fairgrounds on Friday.

Iran wins lawsuit against France’s Sofregaz

TEHRAN - The International Court of Arbitration has ruled in Iran’s favor in a lawsuit against Frances Sofregaz engineering company, Shana reported on Sunday quoting the managing director of Iran Gas Engineering and Development Company.

‘Renovation of digging fleet a necessity in oil, gas industry’

TEHRAN- The managing director of National Iranian Oil Company (NIOC) said that rebuilding and renovating the digging fleet is a necessity in the country’s oil and gas industry.

Helium extraction from South Pars on agenda

TEHRAN- The managing director of National Iranian Oil Company (NIOC) said that the company plans to start extraction of helium from South Pars gas field (Iran shares with Qatar in the Persian Gulf) in the next Iranian calendar year (starts on March 21).

NIOC head outlines company’s operational strategies

TEHRAN – Head of National Iranian Oil Company (NIOC) Mohsen Khojasteh-Mehr outlined his company’s new operational and development strategies in a meeting with NIOC’s senior managers on Wednesday, Shana reported.

Iran oil revenues increased significantly in recent months: NIOC head

TEHRAN – Head of National Iranian Oil Company (NIOC) Mohsen Khojasteh-Mehr has said the country’s oil revenues have increased significantly over the past few months and the country has received the payment for all its crude oil sales since the new government administration, Shana reported on Sunday.

‘Having business structure is a necessity for NIOC subsidiaries’

TEHRAN – Head of the National Iranian Oil Company (NIOC) has said the company’s subsidiaries should have a structure that focuses more on business and investment and an export-oriented approach must be followed.

NIOC planning to use private sector capacities to boost oil sales

TEHRAN – Managing Director of National Iranian Oil Company (NIOC) has said his company is going to benefit from the potentials of the country’s private sector to maximize oil and gas condensate sales in the future, Shana reported.

Domestic firms ink MOUs to conduct development study on Azadegan field

TEHRAN – National Iranian Oil Company (NIOC) has awarded the development study of Azadegan oil field to five domestic companies, Shana reported.

NIOC awards Farzad-B gas field development project to domestic firm

TEHRAN – National Iranian Oil Company (NIOC) has signed a $1.78 billion deal with a domestic company called Petropars for the development of Farzad-B gas field in the Persian Gulf, Shana reported.

NIOC outlines HSE priorities for major subsidiaries

TEHRAN – Managing Director of the National Iranian Oil Company (NIOC) has outlined the main Health, Safety and Environment (HSE)-related priorities of the company to its major subsidiaries namely Iranian Offshore Oil Company (IOOC), National Iranian South Oil Company (NISOC), and Iranian Oil Terminal Company (IOTC).

Iran ranks 1st in world oil, gas discovery in 2019

TEHRAN- The National Iranian Oil Company (NIOC) ranked first among the world's largest oil companies in terms of total oil and gas discovery in 2019, with the discovery of 4.973 billion barrels of equivalent hydrocarbon reserves, Shana reported on Monday.

Deals worth €1.5b inked to boost oil output

TEHRAN – Two subsidiaries of the National Iranian Oil Company (NIOC) signed deals worth €1.527 billion with domestic companies on Monday, aiming to add 185,000 barrels per day to the country’s oil production capacity.

NIOC’s exploratory drillings surpass 13,000 meters

TEHRAN – National Iranian Oil Company (NIOC)’s Exploration Directorate has managed to drill nine exploratory wells with a total depth of 13,281 meters in the current Iranian calendar year (ends on March 19), Shana reported on Sunday, quoting an official with the company.

NIOC to renovate southern oil facilities

TEHRAN – National Iranian Oil Company (NIOC) is following a program to renovate all the country’s old and worn-out oil facilities, IRNA reported quoting a senior official with the company.

Oil ministry announces new terms for offerings at IRENEX

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh on Monday released a statement in which new regulations and procedures for offering oil and gas condensate at Iran Energy Exchange (IRENEX) were listed, Shana reported.

Oil ministry inks 26 major research-based deals with universities

TEHRAN – Iranian deputy oil minister for engineering, research and technology affairs said the ministry has signed 26 major deals with the country’s universities, IRNA reported.

NIOC to revise regulations of oil offering at IRENEX

TEHRAN – National Iranian Oil Company (NIOC) has once again decided to revise the regulations pertain to the offering of oil at the country’s energy exchange (IRENEX), IRNA reported on Friday, quoting an NIOC official.

Offering oil at IRENEX continues: NIOC

TEHRAN – National Iranian Oil Company (NIOC)’s representative in Iran Energy Exchange (IRENEX) said that the company will continue offering oil at IRENEX after a few week of hiatus due to technical problems.

PEDEC signs deal with domestic firms for manufacturing electro pumps

TEHRAN – Iran’s Petroleum Engineering and Development Company (PEDEC) signed deals with three Iranian companies on Monday for manufacturing and maintaining electro pumps for an oil pipeline project in southern Iran.

Over 62,000 tons of LPG sold at IRENEX to foreign buyers

TEHRAN – Some 71,000 tons of liquefied petroleum gas (LPG) was offered at the international ring of Iran Energy Exchange (IRENEX) on Monday of which over 62,000 tons was sold to foreign buyers, IRNA reported.

‘NIOC to award South Pars oil layer to a domestic company under IPC’

TEHRAN – National Iranian Oil Company is going to award the development project of the South Pars oil layer to a domestic company, under Iran’s new model of oil contracts (known as IPC), NIOC director of integrated planning told IRNA.

NIOC to offer 2m barrels of condensate at IRENEX in 8th round

TEHRAN- National Iranian Oil Company (NIOC) will offer two million barrels of gas condensate at Iran Energy Exchange (IRENEX) on Tuesday, Shana reported.

Iran indigenizes monitoring systems in gas transmission

TEHRAN – Head of National Iranian Gas Transmission Company (NIGTC) announced that Iranian experts have achieved the know-how for producing vibration monitoring and protection systems for gas transmission lines.

‘Iran determined to continue offering oil at IRENEX’

TEHRAN - National Iranian Oil Company (NIOC)’s representative in Iran Energy Exchange (IRENEX) said NIOC will continue offering oil at IRENEX, Mehr news agency reported.

By Mahmood Khaghani

From Bazaar to Bourse

On 20th May 2019, the Shana news agency reported that NIOC on the instructions of the Ministry of Petroleum will undertake, pursuant to the current Iranian year budget law, a sales programme of six million barrels per month of Iranian Light and Heavy Crude Oil and Iranian gas condensates on the IRENEX exchange platform. These sales will be priced in US dollars against UK Brent/BFOE (BWave) and Dubai US $ price benchmarks. I am unaware of any reason why this programme should be any more successful than the last, but it is possible that potential buyers have been discreetly found who are willing and able to buy this material.