• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 3 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 18 hours Putin blocks Ukraine access to Black Sea after Joe blinks
  • 11 hours America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 2 days U.S. Presidential Elections Status - Electoral Votes
  • 55 mins Fukushima
  • 2 days Biden about to face first real test. Russia building up military on Ukraine border.
  • 23 hours So. Who's for Universal Basic Income?

Breaking News:

U.S. Cancels All Q2 Oil, Gas Lease Sales

Why Natural Gas Won’t Be Replaced Anytime Soon

Why Natural Gas Won’t Be Replaced Anytime Soon

A carbon-tracker report found that…

Qatar Looks To Dominate This Very-Fast Growing Gas Market

Qatar Looks To Dominate This Very-Fast Growing Gas Market

While Qatar’s recent mega deal…

The Most Anticipated Licensing Round Of 2021

The Most Anticipated Licensing Round Of 2021

Following the success of the…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Expect More Mega Deals In This Oil & Gas Hotspot Soon

Lots of big news in oil and gas this week — including some follow-ups to recent stories I’ve been discussing. Including China’s CNPC further expanding influence in Brazil through an MOU with Petrobras, as well as the government of Japan announcing that methane hydrates still don’t really work.

But the biggest update comes from Iran. Where the government moved ahead with a slew of petro-deals — showing the nation truly is open for business in its high-potential oil and gas sector.

The action kicked off over the weekend. When India’s ONGC announced it has offered to spend $11 billion developing Iran’s Farzad-B natural gas field.

ONGC leads a consortium already awarded the Farzad-B project — but the development had been stalled over terms of the investment. With the companies now looking to kick-start things by offering to spend $6 billion on field development plus another $5 billion on a liquefied natural gas export facility.

But the biggest news came from an even further-afield company. France’s Total.

Iran’s oil minister Bijan Zanganeh announced Monday that the government has awarded Total a portion of the massive South Pars natural gas field. With the major now expected to lead a consortium investing $5 billion to bring the field to 400,000 barrel per day of oil equivalent production.

Total will hold 50.1 percent of South Pars, and will be joined by CNPC with 30 percent and Iran’s Petropars with 19.9 percent. Related: Total OPEC Crude Oil Exports Drop In June

This deal is a big one — both in size and significance. Showing that Iran is indeed open for business with foreign E&Ps, with Total CEO Patrick Pouyanne saying the agreement “officially marks our return” to the country.

And it looks like Total isn’t going to stop there. With reports yesterday suggesting the company has also reached a preliminary deal to invest $2 billion in three petrochemical projects across Iran.

All of which is great news for the global oil and gas world. Especially with more field auctions, like the Azadegan oil project, expected within the coming weeks. Watch for further deals between foreign firms and the Iran government — with Europe, Russia and Asian players all in the mix.

Here’s to walking the walk.

By Dave Forest

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News