 |
Louisiana Light • 3 days | 91.16 | -0.74 | -0.81% | ||
|
Bonny Light • 2 days | 95.60 | -0.40 | -0.42% | ||
|
Opec Basket • 3 days | 95.01 | -0.81 | -0.85% | ||
|
Mars US • 1 day | 88.73 | -0.10 | -0.11% | ||
|
Gasoline • 1 day | 2.562 | -0.058 | -2.22% |
|
Bonny Light • 2 days | 95.60 | -0.40 | -0.42% | ||
|
Girassol • 2 days | 96.55 | -0.49 | -0.50% | ||
|
Opec Basket • 3 days | 95.01 | -0.81 | -0.85% |
|
Peace Sour • 2 days | 84.13 | -0.03 | -0.04% | ||
|
Light Sour Blend • 2 days | 84.63 | -0.03 | -0.04% | ||
|
Syncrude Sweet Premium • 2 days | 93.23 | -0.03 | -0.03% | ||
|
Central Alberta • 2 days | 84.13 | -0.03 | -0.04% |
|
Eagle Ford • 3 days | 86.11 | -0.65 | -0.75% | ||
|
Oklahoma Sweet • 3 days | 86.00 | -0.75 | -0.86% | ||
|
Kansas Common • 3 days | 80.00 | -0.50 | -0.62% | ||
|
Buena Vista • 4 days | 95.23 | -0.92 | -0.96% |
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Not All Foreign Companies Eager To Leave Iran
Amid a growing number of companies preparing to leave Iran as U.S. sanctions kick in, one international oil and gas consortium has announced it will stay in the country. Pergas International Consortium, which includes 11 European, Canadian, and Asian companies, has no plans to abandon its Iranian operations, Irna quoted its managing director Colin Rowley as saying.
The statement comes a month after Pergas signed a preliminary contract with Tehran for the development of the Keranj oilfield in the southern Khuzestan province of Iran. Reuters noted at the time this was the first contract after President Donald Trump announced the Untied States’ withdrawal from the Iran nuclear deal.
Pergas plans to pump a total 655 million barrels of oil from Keranj over the next 10 years. This weekend, the company’s head said, “the Consortium plans to execute the plan with precise and accurate management and for this purpose, it intends to cooperate with the Iranian and international parts manufacturers. Once this plan is executed completely, moreover increasing Iran’s crude production capacity, employment opportunities will be generated in Khuzestan Province.”
Energy Minister Bijan Zanganeh told media this weekend that there were plans to increase Iran’s crude oil production by 460 million barrels over the next three years. This will involve ramping up production from 29 fields across the country.
Related: The Real Reason For Higher Gas Prices
Most of the work on this production boost will be carried out by local companies, Zanganeh also said, adding that 75 percent of the equipment to be used in the endeavor is also Iranian.
Iran is OPEC’s third-largest oil producer, with a daily rate of 3.8 million barrels as of early June, according to a survey from S&P Platts. The return of U.S. sanctions is expected to affect this figure, although the precise extent of the impact is yet to be seen.
By Irina Slav for Oilprice.com
More Top Reads From Oilprice.com:
- Geopolitical Tensions Reach Boiling Point Ahead Of OPEC Meeting
- Permian Boom Jeopardized By Pipeline Troubles
- Iran: Oil Prices Could Jump To $140 On U.S. Sanctions
Irina Slav
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
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So, who will lose in the long term?! The Zionists and us. We have pulled our economy and country out of the main stream that has changed the world since WWII on behest of the Zionists. Thanks to comrade Trump we just handed that world and that market to China in a silver platter. Thank you Bi Bi Yahoo and Comrade Trump.
Judging by the mood in the just-finished G7 meeting in Canada, the EU governments who accuse President Trump of harming global trade by his tariffs are in no mood to tolerate any more reckless and unstatesmanlike behaviour and more tariffs from the US president. As for Russian and Chinese companies, they will just ignore the sanctions.
President Trump is behaving as a president of an indispensable superpower whose indispensability is eroding fast. I am of the opinion that the tariffs he imposed on Chinese imports are the first shots in an impending confrontation between China’s petro-yuan and the petrodollar which could easily escalate beyond a trade war between the two countries.
Dr Mamdouh G Salameh
International Oil Economist
Visiting Professor of Energy Economics at ESCP Europe Business School, London