“Mexico has expressed readiness to cooperate with OPEC if the organization becomes involved in oil market management,” he told Shana following a meeting with visiting Mexican Secretary of Labor and Social Welfare Alfonso Navarrete Prida in Tehran.
Last week, Zangeneh said Tehran in cooperation with other members of the Organization of Oil Producing Countries (OPEC) is following up on decisions to bring balance back to global oil markets aiming at 70 to 80 dollars per barrel.
He also said Iran is ready to increase its oil production by 500 thousand barrels a day soon after sanctions are lifted and add boost it to 1 million barrels within six months to return to pre-sanctions production.
Zangeneh has said massive investments of $30 billion will be made in South Pars gas field’s incremental phases in two years to catch up with Iran’s untapped quota of one billion cubic meters which is partly being used by the neighboring Qatar.
To a question on Iran’s oil cooperation with Mexico, Zangeneh said that oil industries in both countries have similarities and that Mexican firms have good experience in deep-water operation.
“We are interested to revitalize ties with Mexican firms. Prior to the sanctions, there was no contract with them, but there were MoUs in the field of exploration, communication and technology,” he added.
When asked about how much he was optimistic about outcome of negotiations with foreign countries, the minister said, “It is our duty to negotiate under the current conditions and hoe that they will bear fruit. Negotiations on development of oil reserves take time, but in other areas such as oil production, operation can start as soon as sanctions are lifted.”
Releasing of Iran’s confiscated equipment and blocked cash as well as cooperation between established domestic and foreign companies are on the agenda of talks with foreign delegations, the minister said.
“A major issue discussed with foreign firms focuses on cooperation with Iran’s private sector for manufacturing of oil industry equipment,” Zangeneh said.
Mexico has welcomed cooperation with Iran in various fields of the oil industry, suggesting energy optimization as one of areas of bilateral cooperation in the post-sanctions period.
“In the meeting with Iranian oil minister, we talked about preparing the ground for negotiations between Iranian and Mexican oil officials after sanctions are lifted,” Navarette told Shana following talks with Zangeneh.
Sep 9, 2015 10:51
NDF to Fund Large NGL Project in South of Iran
Hafezi said the NDF is to be tapped for $600mln to serve the project which is forecasted to cost $1.2bln
He said that the NGL plant, whose construction has had 45 percent growth thus far, is to receive more facilities in the coming 18 months
Natural gas liquids (NGLs) are hydrocarbons—in the same family of molecules as natural gas and crude oil, composed exclusively of carbon and hydrogen
Ethane, propane, butane, isobutane, and pentane are all NGLs. There are many uses for NGLs, spanning nearly all sectors of the economy
NGLs are used as inputs for petrochemical plants, burned for space heat and cooking, and blended into vehicle fuel. Higher crude oil prices have contributed to increased NGL prices and, in turn, provided incentives to drill in liquids-rich resources with significant NGL content
FNASep 8, 2014 10:20
Iran’s oil minister has said 10 new refineries will be operated to add 100 million cubic meters to gas production
Bijan Namdar Zanganeh, who was commenting about oil fields and new South Pars refineries in the Persian Gulf, said that Iran would operate 10 new refineries to add 100 million cubic meters of gas to its gas production. “6 new oil platforms in South Pars are under construction as well,” he said.
“Currently, 10 sweetening units including 12th, 15th-18th phases of South Pars are ready to start operation,” said Zanganeh, adding that “the operations in South Pars is unprecedented in the history of oil industry in Iran.”
“This is the greatest project in the history of gas production, which we predict to add 100 million cubic meters of gas to the total production,” said the minister.
Commenting on the development of Arash oilfield (geographically located between Iran and Kuwait) and Saudi Arabia’s claims that the oilfield belonged exclusively to the kingdom, Zanganeh said that it was an open case and time would be needed to settle the case. “Arash oilfield is one of the most important hydrocarbour reservoirs, shared between Iran, Kuwait, and Saudi Arabia,” he added.
Still in another reaction to Saudi claim, Ali Majedi, Oil Ministry’s international deputy emphasized that Saudi Arabia was not a party to Arash oilfield.
Kuwait and Saudi Arabia have now suspended operations in the shared Arash (also known as al-Dourah) oilfield reportedly due to discord on how to divide profits from the produced gas, which Iran deems the cooperation ‘suspicious.
Jul 27, 2014
The National Iranian Drilling Company (NIDC) has drilled 45 oil wells during the first four-month period of the current Iranian calendar year
(March 21, July 20), a deputy head of the NIDC said
Mehran Mokvandi said the wells involved 113,357 meters of onshore and 13,389 meters of offshore drilling, the oil ministry's website reported
He said the wells included 34 for the National Iranian South Oil Company (NISOC), three for Iran's Central Oil Fields Company (ICOFC), three for Iranian Offshore Oil Company (IOOC), one for Petroleum Engineering and Development Company (PEDEC) and two for the National Iranian Oil Company’s Exploration Directorate
Mokvandi went on to say that the wells included 21 development wells, 20 repair wells, three appraisal wells and one exploration well
NIDC is currently operating 74 offshore and onshore drilling rigs across the country
The company is drilling wells in the supergiant South Pars gas field, North Azadegan and South Azadegan oilfields, Yaran and Azar oilfields under turnkey projects
FNA / ecasb.com
Jul 28, 2014
Iran's biggest clients took in a quarter more oil in the first six months of 2014 than in the same period of last year
with China and India holding to the higher volumes they started after the agreement that relaxed western sanctions on Tehran
Iran's exports to its top four oil buyers - China, India, Japan and South Korea - may keep rising even though a deadline for a final deal on its disputed nuclear program had to be extended, Reuters reported.
Iran last week received the final installment of the $4.2bln (£2.4bln) in oil payments released as part of the earlier agreement, although another $2.8bln was released as part of the extension.
"From this point forward, we expect more upside than down with respect to Iranian crude exports to Asia with the caveat that talks don't collapse," said James Davis, a consultant at Facts Global Energy.
"We see an extra 500,000 barrels per day (bpd) of crude production from Iran by end-2015 as very possible," he said.
The four Asian buyers imported 1.2mln bpd in the first half of 2014, versus 961,236 bpd in the same period a year ago, according to official customs data and tanker arrival schedules.
China, Iran's biggest customer, raised its imports by almost 50 percent in the first half, while India increased its purchases by a third.
Iran and six world powers agreed to extend nuclear talks by four months after they failed to reach a July 20 deadline for a permanent resolution. Under the interim agreement, Iran's crude exports were supposed to be held just above 1 million bpd.
Aug 2, 2014
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