• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 1 min Could Venezuela become a net oil importer?
  • 1 hour Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 4 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 3 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 5 mins Why is permian oil "locked in" when refineries abound?
  • 4 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 12 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 16 hours Teapots Cut U.S. Oil Shipments
  • 44 mins Oil prices going down
  • 7 hours Saudi Arabia turns to solar
  • 7 mins Gazprom Exports to EU Hit Record
  • 1 hour Could oil demand collapse rapidly? Yup, sure could.
  • 17 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 21 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 4 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
Who Gets Hold Of Russia’s Key Oil Hub?

Who Gets Hold Of Russia’s Key Oil Hub?

25 percent of the Novorossiysk…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Iran Aims To Develop Its Largest Oil Field

Onshore

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 of international companies, so Iran is now prioritizing shared fields development, according to Kardar.

Iran shares the South Pars (oil layer) with Qatar, where it is called Al Shaheen.

In March this year, Iran said it had started oil production from the oil layer, with full capacity output expected at 35,000 bpd.

The Azadegan oil field is shared by Iran and Iraq. Iran claims that the Azadegan oil field is its largest and holds 37 billion barrels of oil.

Last month, Iran’s Oil Minister Bijan Zangeneh told IRNA that the Islamic Republic had already invited international oil companies to participate in the tender for the development of the Azadegan oil field.

Related: Nigeria To Return 20% Of OPEC Cuts To The Market

On Sunday, Iran’s oil ministry’s news service Shana reported that Petronas, Shell, Total, and Inpex had submitted technical studies for Azadegan to the National Iranian Oil Company (NIOC), according to the managing director of Iran’s Petroleum Engineering and Development Company, Noureddin Shahnazizadeh.

OPEC’s no.3 producer, Iran, which is currently pumping just below 3.8 million bpd of crude oil, wants to increase its production to 5 million bpd by 2021.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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