• 4 minutes Phase One trade deal, for China it is all about technology war
  • 7 minutes IRAN / USA
  • 11 minutes Shale Oil Fiasco
  • 16 minutes Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 12 hours Indonesia Stands Up to China. Will Japan Help?
  • 24 hours Beijing Must Face Reality That Taiwan is Independent
  • 26 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 3 hours Three oil pipeline projects inch toward goal-line for Canada
  • 8 hours The Libyan Oil in a Sea of Chaos, War and Disruptions
  • 1 hour Trump capitulated
  • 1 day Gravity is a scam!
  • 1 hour Yet another Petroteq debt for equity deal
  • 1 day Trump has changed into a World Leader
  • 11 hours OIL & GAS LOSSES! Schlumberger Posts $10B Loss in 2019
  • 15 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 1 day China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 21 hours US Shale: Technology
  • 22 hours Iranian government can do everything to avoid attacking American people.
The World's Most Expensive Oil Nears $100 Per Barrel

The World's Most Expensive Oil Nears $100 Per Barrel

Strong demand for heavy-sweet crude…

Massive Oil Product Build Sends Prices Lower

Massive Oil Product Build Sends Prices Lower

A surprise draw in crude…

Iran to Invest $18 Billion in the Country’s Southern Oilfields

Despite the crippling effect of foreign sanctions, the Iranian government has decided to invest $18 billion in the country’s southern oilfields to boost production.

Iran's Deputy Oil Minister for Planning Mohsen Khojastemehr said that the majority of the $18 billion investment schedule, planned to extend over the next four years, will be underwritten by Iran, adding that about $3 billion would be spent on the projected southern projects by March 2012.

Khojastemehr said, "Many plans are being implemented to accelerate development of shared oil and gas fields while the ministry aims to increase oil production in the oil-rich region of the South to 3 million barrels a day," Fars news agency reported.

According to Khojastemehr, Iran’s southern Yadavaran oil field is being brought online by Iran's National Oil Company (NIOC) and China's Sinopec and will start production later this year at around an initial estimate of 20,000 barrels per day (bpd), a flow rate that is expected to climb to a ceiling of 85,000 bpd by 2013.

China is now one of the biggest buyers of Iranian crude oil and its top energy company, the state-owned China National Petroleum Corp, or CNPC, has deals beyond Yadavaran to boost output at Iran's North Azadegan oil field and Iran’s offshore South Pars natural gas field in the Persian Gulf.
 
By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage


Leave a comment

Leave a comment

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