• 15 mins Is A Russia-Cuba Energy Deal In The Works?
  • 3 days Iraq Begins To Rebuild Largest Refinery
  • 3 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 3 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 3 days China's CNPC Considers Taking Over South Pars Gas Field
  • 3 days BP To Invest $200 Million In Solar
  • 3 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 4 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 4 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 4 days Goldman Bullish On Oil Markets
  • 4 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 4 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 4 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 5 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 5 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 5 days Aramco On The Hunt For IPO Global Coordinators
  • 5 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 5 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 6 days API Reports Huge Crude Draw
  • 6 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 6 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 6 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 6 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 7 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 7 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 7 days Forties Pipeline Could Remain Shuttered For Weeks
  • 7 days Desjardins Ends Energy Loan Moratorium
  • 7 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 7 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 7 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 10 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
How Cryptocurrencies Are Reshaping The Oil Trade

How Cryptocurrencies Are Reshaping The Oil Trade

Last week, Venezuela announced it…

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 Bans IOOC From Working On Disputed Gas Field

Oil Rig

The foreign ministry of Iran has banned the Iranian Offshore Oil Company (IOOC) from performing any work at a gas field that Iran shares with Saudi Arabia and Kuwait, according to the Iranian company’s managing director.

IOOC managing director Hamid Bovard has said that the company has been prohibited from doing any work at the Arash field—as Iran calls the field, Azeri Trend News Agency reports, quoting Iran’s news agency Mehr.

The field is known as Dorra in Kuwait and Saudi Arabia.

The work stoppage was called amid a dispute over geographical borders that still needs to be settled, with Iran banning all activity on Iran’s side of the field, according to Bovard.

The Dorra field is located in the Partitioned Neutral Zone (PNZ), which Kuwait shares evenly with Saudi Arabia. Dorra is the extension of the Arash field, as it is known in Iran.

Kuwait and Saudi Arabia had planned to begin production at Dorra by 2017, but they shelved the project in 2013 due to a disagreement over transportation and allocation of resources.

Dorra contains an estimated trillion cubic feet of gas and 310 million barrels of oil.

Earlier this year, Iranian media reported that according to an official at the National Iranian Oil Company, Iran’s foreign ministry had opened dialogue with the Kuwaiti and Saudi governments, in a very early step toward developing the joint field.

Previous political disputes over the field included Kuwait summoning the Iranian charge d'affairs to officially protest over reports that Tehran had published a brochure on opportunities for investment at the joint field.

Related: Four Charts That Explain OPEC’s Fall From Power

Last week, the executive director of the Iranian Offshore Oil Company said that the company would increase production at the Foroozan oil field, which Iran shares with Saudi Arabia, by 12,000 barrels daily, adding that Iran will install two platforms at the field soon. Tehran has 11 percent of the field—which Saudi Arabia calls Marjan—whose reserves are estimated at 2.3 billion barrels. Iran and Saudi Arabia share another field in the Persian Gulf—Lulu, which is known as Esfandiyar in Iran.

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