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February 11 2016
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In Iran, New Battle Brews Over Contracts With Foreign Oil Giants

- A political battle is taking shape in Iran over any new foreign role in developing the country's enormous oil wealth, only a few weeks after the Iranian nuclear deal with foreign powers relaxed tough economic sanctions. -Thomas Erdbrink, NY Times - 2/1/16

Russian Oil Execs Agree To Talk With OPEC About Boosting Prices

- Russian oil executives and energy officials decided this week they should talk to Saudi Arabia and the OPEC oil cartel about cutting output to boost world oil prices, the head of Russia's pipeline monopoly said on January 27. - 1/28/16

Azerbaijan's Reserves Rapidly Evaporating Amid Fiscal Storm

- With oil prices now barely above $31 per barrel, Azerbaijan's energy-export economy is taking on lots of water. And what is worse, Baku's lifeboat, the State Oil Fund of Azerbaijan, appears to be in danger of foundering. -Durna Safarova, LobeLog - 1/26/16

Iran signs oil deal with Russia's Lukoil

- Iran says it has signed a deal with Russia's Lukoil over two exploration projects in the country's southwestern oil-rich Khouzestan province. Hormoz Qalavand, the director for exploration affairs of the National Iranian Oil Company (NIOC), has been quoted by the media as saying that Lukoil is to look for hydrocarbon reserves in Dasht-e Abadan and the northern parts of the Persian Gulf. - 1/25/16

Crude Reckoning: The Far-Reaching, Unexpected Effects Of Falling Oil Prices

- What do a Kurdish Peshmerga fighter, a Russian villager, and an American miner have in common? They have all been adversely affected by plunging oil prices. For many Western consumers, plummeting prices mean paying less to heat their homes and drive their cars. But cheap oil, at its lowest price in over a decade, is also having far-reaching and unexpected geopolitical and economic consequences around the world. -Frud Bezhan, RFE - 1/20/16

Europe eyes Iran as new energy source

- Europe looks to Iran to diversify energy supplies after the lifting of sanctions on the Islamic Republic, head of Italy's Eni SpA Claudio Descalzi says. Iran owns the world's largest gas reserves but its share of the market is negligible because much of the gas produced goes to local consumption which is huge by all standards while sanctions have curbed efforts to ramp up production. - 1/19/16

Iran gives order for 500,000 bpd rise in oil production

- Managing director of the National Iranian Oil Company says the Oil Ministry has been ordered to raise the country's daily oil production by 500,000 barrels following announcement of the removal of international sanctions against Iran. - 1/18/16

Iran's Move To Add To Oil Glut Sends Global Markets Reeling

- Oil prices plummeted to $29 a barrel on an expected increase in Iranian oil exports as international sanctions are lifted this weekend, dragging stock markets sharply lower around the world on January 15. With major indexes in New York, Shanghai, London and elsewhere plunging in a world awash in oil but lacking strong sources of economic growth, worried investors snapped up gold, bonds, and other safe-haven assets. - 1/16/16

The Woman Shaping Iran's Oil Future

- Raised in a pistachio-farming family in tradition-minded southern Iran, Hassanzadeh, 31, earned her law degree and Ph.D. in the U.K. on scholarships. She literally wrote the book on Iran's natural gas industry since the 1979 Islamic revolution--it was published last year by Oxford University Press. She has returned to Iran to head a consulting firm, Energy Pioneers, based in Tehran and London, that's at the vanguard of Iran's all-out push to lure back foreign investors after the expected lifting of sanctions in coming months. -Peter Waldman, Bloomberg - 1/15/16

Was Iran's Claim About Ramping Up Oil Production Just Hype?

- Low oil prices and increased risks in investing in Iran are forcing the country to tread its waters very carefully -Dalan McEndree, TIME - 1/12/16

Iran opens $6 billion gas operations

- Iran brings online two more operations in its biggest gas field, marking the opening of the first such project all carried out by domestic entities in the face of Western sanctions. President Hassan Rouhani attended inauguration of phases 15 and 16 of the South Pars field in Asaluyeh on Monday along with other senior officials, including his Petroleum Minister Bijan Zangeneh. - 1/11/16

The Geopolitics of Cheap Oil

- The market was supposed to save the planet. That, at least, was the argument of many economists grappling with the problem of climate change. As fossil fuels became scarcer, they pointed out, the price of oil and natural gas would go up. And then other options, like solar and wind, would become cheaper, particularly as investment flowed into that sector and drove down the cost of new technologies. And voila: The invisible hand would gradually turn down the global thermostat. -John Feffer, LobeLog - 1/11/16

Low Oil Prices Cost Iran 23.6 Billion Dollars

- Tasnim news agency in a report on Friday alleged that plunging oil prices is a result of a campaign by the United States and Saudi Arabia to undermine the Iranian economy. That campaign, Tasnim wrote, was specifically intensified as Iran started to make progress in talks to resolve disputes over its nuclear energy activities with the view to remove the multiple-year sanctions against its economy. - 1/1/16

Iran, Russia firms sign deal to build oil rigs

- Iranian shipbuilder ISOICO says it has signed an agreement with Russian shipyard Krasnye Barrikady (Red Barricades) for oil rig construction and technology transfer. - 12/30/15

Major leap in China's imports of Iran oil

- The latest market figures have revealed a major leap in China's imports of crude oil from Iran over the past month. Figures reported by Reuters show that China imported 2.02 million tons of Iranian oil in November or 491,100 barrels per day (bpd). - 12/23/15

Russia to start building 2 nuclear plants in Iran next week: AEOI

- Russia will start constructing two nuclear power plants in Iran next week, spokesman for the Atomic Energy Organization of Iran (AEOI) Behrouz Kamalvandi says. Speaking in a radio interview on Tuesday, Kamalvandi added that technical measures are underway in parallel with political and economic negotiations. - 12/22/15

Crude oil prices hit lowest in 11 years

- The global supply glut drives down oil prices further to their lowest in more than 11 years after the US decides to lift its 40-year ban on crude exports. Brent futures fell by about 2 percent to $36.05 per barrel on Monday, the weakest since 2004. US benchmark, West Texas Intermediate (WTI), futures fell 33 cents to $34.40 a barrel, their lowest since 2009. - 12/21/15

Iran ups oil output by 500k barrels in hours

- Iran said on Saturday that it has set a record in boosting its oil production capacity by 500,000 barrels "in a matter of hours". Mohsen Dehqan-Zadeh, the managing director of Karoun Oil and Gas Development Company, told reporters that the record had been made in Iran's southern onshore oil fields. - 12/19/15

Iran can produce oil at $1 per barrel

- Iran's push for big investment in its oil industry comes amid crude prices sliding to new record lows but officials are confident the low cost of production in the country will supersede any drawback. - 12/15/15

Iran denies halving gas exports to Turkey

- Turkey is currently locked in a diplomatic dispute with Russia which provides for 60% of Turkish gas needs. Iran is the second supplier of gas to Turkey, accounting for 30% of the country's needs. Turkey is said to be looking at the possibility of boosting imports from Iran. On Monday, an official dismissed reports that Iran had ramped up supplies to its northwestern neighbor. - 12/9/15

Oil Prices Plummet As Investors Brace For Flood Of Iranian Crude

- Oil prices plummeted to their lowest levels since the depths of the global recession in February 2009 as investors braced for a flood of Iranian oil in an already glutted market. - 12/8/15

Divided OPEC Braces For Flood Of Iranian Crude

- Stiff Iranian opposition to any attempt to rein in its oil production has left the Organization of the Petroleum Exporting Countries (OPEC) divided and unable to agree on a plan of action. A meeting on December 4 ended in disarray after Iran said it would not consider any production curbs until it restored output that has been scaled back for years as a result of Western economic sanctions. - 12/5/15

Russia, Iran, Iraq Quash Reported Bid To Cut Oil Output

- The Energy Intelligence newsletter reported that Saudi Arabia, the largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), was ready to propose a cut of 1 million barrels a day in output at a meeting of the oil cartel on December 4, if non-OPEC countries like Russia joined in. But Russia, Iran, and Iraq quickly rejected the idea in the run-up to the meeting. - 12/4/15

Iran new oil contract comes under criticism

- A day after Iran's Ministry of Petroleum unveiled a new format for investment in its oil and gas sector, criticism is rising that future contracts with foreign companies are poised to compromise national interests and incur big losses. - 11/29/15

The Tehran Summit: Iran's biggest oil investment event opens

- An important conference opens in Tehran to lay out 50 oil and gas projects for development through foreign investment which Iran hopes to trickle in with the lifting of Western sanctions. As many as 250 representatives of companies from 33 countries are attending the conference which will also feature Iran's introduction of a new contract format offering better incentives to investors than the previous buy-back deal. - 11/28/15

After summit in Tehran, GECF urges cooperation over market issues

- A landmark summit of the Gas Exporting Countries Forum (GECF) wrapped up in Iran's capital Tehran on Monday evening. The GECF member states at the end of the summit issued a declaration that underscored the need to facilitate stronger cooperation over a series of industry issues including the transfer of expertise and pricing mechanisms. - 11/24/15

GECF summit opens in Tehran

- A landmark summit of the Gas Exporting Countries Forum (GECF) has opened in the Iranian capital Tehran with the participation of the heads of nine member states. Presidents of Iran, Russia, Venezuela, Iraq, Bolivia, Equatorial Guinea, Nigeria, Turkmenistan as well as the Algerian prime minister are the key participants. - 11/23/15

US conglomerate General Electric sees opportunities in Iran

- GE Oil and Gas, the US conglomerate General Electric's oil division, says it sees opportunities in Iran as foreign firms are holding their breath for a lifting of sanctions to return to the country. - 11/22/15

Gas-rich nations meet in Tehran ahead of summit

- An extraordinary meeting of gas exporting countries has begun in Tehran ahead of a Monday summit which will gather several leaders, including Russian President Vladimir Putin, to discuss issues related to gas production, exports and pricing. - 11/21/15

Obama says no more reductions of Iran oil purchases

- US President Barack Obama emphasized on Wednesday that Washington will not seek future reductions of oil purchases from Iran and is committed to keep Tehran's oil export at the levels of 2013. - 11/19/15

Growth, Energy and Climate: a View From Iran

- For the past several months most Iranians have been caught up in a "wait-and-see" collective mindset. Below the surface, in the murky shadows, movement can be detected amongst gigantic coiled up springs waiting for the starting gun. These gargantuan springs come in many shapes and forms. -Daryan Rezazad, Counterpunch - 11/19/15

Iran to host 9 heads of state in GECF summit: Oil Minister

- Iran's oil minister says the Islamic Republic will be hosting nine heads of state and a large group of other dignitaries during the third summit meeting of the Gas Exporting Countries Forum (GECF). - 11/18/15

Iran lines up $25 billion energy investment

- Iran has put together a package for $25 billion of investment in its booming power industry which is key to the country's economic recovery, head of Iran Power Transmission, Generation and Distribution Company (Tavanir) says. - 11/15/15

Iran signs second gas deal with Iraq

- Iran has signed a new contract with Iraq to export natural gas to the country's southern port city of Basra. Based on the contract, Iran will pipe a daily of 20-25 million cubic meters (mcm/d) of gas for Basra for a period of six years. The supply - that will increase to 45-60 mcm/d in a later stage - will be used to feed the main power plant of the city. - 11/12/15

Iran unveils long-awaited oil contracts

- Iran's Ministry of Petroleum publishes the new framework of oil and gas contracts which will be presented formally to foreign companies in a conference in Tehran later this month. The Iran Petroleum Contract (IPC), published on the website of the ministry's Shana news agency, was given the go-ahead by the government for implementation. - 11/11/15

Russia, Iran plan Caspian oil, gas swap

- Russia and Iran plan oil and gas swap as part of their new push to step up trade which is relatively minuscule compared with their strong political ties. Representatives of a major Russian energy company will arrive in Tehran soon for discussions on swap of crude oil, oil products and gas, Iran's Deputy Petroleum Minister Amir Hossein Zamaninia said on Monday. - 11/3/15

Italy's Eni and France's Total ready to return to Iran

- Eni's Chief Upstream Officer Antonio Vella told an energy forum in Tehran that the company plans to use the latest technologies in Iran's oil projects, stressing that this is crucial in decreasing the project costs. Another European oil major - France's Total - also announced at the same forum in Tehran on Monday that it is ready to provide the loans required for the development of Iran's oil sector projects - 10/20/15

Russia's Energy Minister Novak due in Iran for important visit

- Russian Energy Minister Alexander Novak will visit Iran on Oct. 21 at the head of a large economic delegation to discuss expansion of bilateral trade. In Tehran, Novak will meet Iran's Minister of Petroleum Bijan Zangeneh and other officials as the two countries seek to increase bilateral trade to $10 billion a year from $2 billion at present. - 10/16/15

Iran to launch over 50 new oil projects

- Iran says it plans to introduce above 50 new oil projects to international investors in what will be a key section of the country's plans to boost oil production in an emerging post-sanctions era. - 10/8/15

Shell, Total get first gas stations in Iran

- Royal Dutch Shell and France's Total are the first foreign companies ever to win access to Iran's retail energy market after getting permit for 200 service stations which they will set up across the energy-rich country. ​ - 10/2/15

Iran inks gas deal as Omani minister visits

- Iran and Oman have signed an agreement on studying an undersea gas pipeline across the Persian Gulf in a project worth $60 billion, managing director of the National Iranian Gas Exports Company (NIGEC) says. - 9/21/15

India's OVL submits $10bn proposal to develop Iran gas field

- India's ONGC Videsh Ltd (OVL), which is the overseas arm of the state-owned Oil and Natural Gas Corp, has offered a proposal worth USD 10 billion for development of Iran's Farzad B offshore gas field. - 9/18/15

EU sees Iran as major gas supplier

- The European Commission estimates that Iran could become a major natural gas supplier to the European Union by the next decade, a new report says. According to an EU official, cited by the Wall Street Journal, the bloc could import up to 35 billion cubic meters of gas a year from Iran by 2030 that would help reduce dependence on Russian shipments. - 9/15/15

Iran drops oil price to grab market share

- Latest trading data figures show Iran has lowered the quarterly price for its flagship crude to the lowest in three years in a bid to lure Asian buyers to lock in more term supplies next year. - 9/11/15

Baku tells Tehran to join EU gas pipeline plan

- Iran's media say Azerbaijan has officially proposed to Iran to join a key project to export natural gas to Europe. Azerbaijan reportedly wants to engage Iran in gas exports to Europe through the Trans Adriatic Pipeline (TAP). - 8/19/15

Iran gets first ever associated gas offer

- A French company has proposed to buy associated gas from an offshore Iranian oilfield in the Persian Gulf in order to convert it into LNG, Minister of Petroleum Bijan Zangeneh says. The offer marks the first of its kind to Iran by a foreign company to use natural gas associated with oil production instead of burning it off as the country often does in a practice known as flaring. - 8/18/15

Big Oil in Retreat

- The plunge of global oil prices began in June 2014, when benchmark Brent crude was selling at $114 per barrel. It hit bottom at $46 this January, a near-collapse widely viewed as a major but temporary calamity for the energy industry. Such low prices were expected to force many high-cost operators, especially American shale oil producers, out of the market, while stoking fresh demand and so pushing those numbers back up again. -Michael Klare, LobeLog - 8/15/15

Iran unveils first oil project under new model

- Iran plans a $2.2 billion development of a field shared with Iraq to produce 50,000 barrels of oil per day, an official says, marking the first introduction of major energy projects under a new contract. - 8/14/15

Iran orders extra 500,000 bpd oil output

- Minister of Petroleum Bijan Zangeneh has ordered oil production and exports to be ramped up by 500,000 barrels per day in preparation for the removal of sanctions on Iran, a news agency says. - 8/12/15

Iran says can transit Qatar gas to Europe

- Iran has raised a new option to export natural gas to Europe which it says involves extra supplies from Qatar. Mohsen Jalalpour, the president of Iran Chamber of Commerce, Industries, Mines and Agriculture, has told reporters Iran can take Qatar's gas and transit it to Turkey to be pumped to Europe. - 8/11/15

Iran to unveil new oil contracts in London

- Iran will introduce its new oil contracts to a London conference planned for December as the country seeks to boost recovery from its fields with the help of foreign companies, Minister of Petroleum Bijan Zangeneh says. Energy officials have said Iran has identified nearly 50 oil and gas projects worth $185 billion up for grab. - 8/8/15

Collective Security in the Caspian Sea: Iran has conflicts of interests with all 4 other countries in the Caspian Sea

- Recently, the Iranian and Russian officials are talking about agreement for a collective security in the Caspian Sea. Also, in the past, there has been proposals in the same field which include the decisions made in the Baku Summit Conference of the Caspian Sea states regarding security cooperation in the Caspian Sea based on a Russian proposal. -Bahman Aghai Diba - 8/4/15

India seeks to salvage reckless loss in Iran

- Indian oil minister plans to visit Tehran at the head of a delegation to win back development of a major gas field, which New Delhi lost by dawdling under US pressures. Dharmendra Pradhan will visit on the heels of Indian Finance Secretary Rajiv Mehrishi who traveled to Tehran with officials from the finance, petroleum and natural gas ministries and the Reserve Bank of India. - 8/4/15

Iran sees 'new chapter' in ties with Total

- Minister of Petroleum Bijan Zangeneh says Iran welcomes French energy giant Total's return to the resource-rich country amid Tehran's drive to step up oil and gas development projects after the removal of sanctions. Zangeneh made the announcement after meeting French Foreign Minister Laurent Fabius who visited Tehran to "revive relations" after the finalization of nuclear talks between Iran and the P5+1 group of countries. - 7/30/15

India pushing to revive Iran gas pipeline

- With a delegation headed to Tehran soon, Indian officials will push for the revival of the $7 billion gas pipeline from Iran which has to cross Pakistan, a New Delhi-based newspaper says. India dropped out of the massive project under US pressures but a recent opening in the business environment in Iran has prompted Indian leaders to make a fresh bid for the pipeline, the Economic Times reported, citing informed sources. - 7/30/15

Iran builds $2.5 billion power plant in Iraq

- Iran is building a natural gas combined cycle power plant in Iraq's Basra at a cost of $2.5 billion in the Persian country's biggest engineering services deal yet. - 7/27/15

Iran, Europe finalize $2B of projects: $178B more to go

- Iran and the EU have opened a conference on trade and investment in Vienna, with Iranian officials pledging to splash out more than $180 billion on oil and gas projects. - 7/23/15

Iran's oil delegation in Vienna to discuss petchem investment

- An Iranian oil industry delegation has set off for Vienna to introduce investment opportunities in Iran's petrochemical industry to European investors following the removal of international sanctions against Iran. - 7/22/15

Historical background of the Caspian Sea as a legal point in favor of Iran

- A review of the last rounds of negotiations between Iran and the other Caspian littoral states, including the deliberations made and decisions adopted in the several summit meetings of the Caspian states, reveal that Iran has failed to persuade the other Caspian states to consider a fair and equitable share for Iran (at least 20 percent) of the Caspian Sea. -Bahman Aghai Diba - 7/20/15

US oil service giants yearn for return to Iran

- Halliburton and Schlumberger, both among the world's largest oilfield services companies, are waiting in hopeful anticipation that Iran will ramp up oil exports, US media have said. - 7/20/15

Pakistan Hopes to Benefit from Iran Deal, With Chinese Help

- Pakistan has been planning to build a pipeline to import natural gas from Iran for years, but work on the proposed Iran-Pakistan pipeline stalled due to international economic sanctions on Iran in response to its nuclear development program. -Ayesha Tanzeem, VOA - 7/18/15

Drought takes a toll on Iran's hydropower

- Iran's hydroelectricity generation is flickering out amid a protracted drought which has drained dams across the country to their lowest ebb ever. Hydropower normally makes up 14% of Iran's overall electricity mix, but this share has declined to less than five percent - 7/13/15

The Future of Saudi-Iranian Relations Will Be Written in Oil

- Saudi Arabia's cantankerous objections to nuclear talks with Iran have run counter to U.S. goals and have left some puzzled over the cause of its combative behavior. A deal with Iran, of course, means much more than a stride toward global non-proliferation. It will open new realms of possibility within both Iranian and American polities -Henry Johnson - 7/12/15

Iran's oil income hits $53.6b in 2014: OPEC

- Iran's oil income amounted to $53.6 billion in 2014, the Organization of Petroleum Exporting Countries (OPEC) reported, ranking Iran 9th among 12 member states. The country's oil income dropped by $8.3 billion in 2014 compared with the year before. - 7/12/15

Analyst: Ending Iran Sanctions Could Push Down Oil Prices

- Iran's economy has been hammered by a series of sanctions that have pushed it into recession, slashed the value of its currency, sparked soaring inflation, and hurt its oil sector. If and when Iran works out a deal with the United States and other nations to limit its nuclear program, some of those sanctions will end. - Jim Randle, VOA - 7/11/15

Saudi Arabia Casts Wary Eye on Iran Deal

- As Iran and world powers move toward a possible nuclear deal, Saudi Arabia faces drastic geopolitical shifts. Analysts say lifting sanctions on Iran could greatly increase competition for oil sales, as well as create other far-reaching consequences for the kingdom. -Heather Murdock, VOA - 7/9/15

Kish gas field in Persian Gulf to produce 9 billion cubic meters natural gas per year

- Kish gas field near the southern Iranian island of Kish will produce 9 billion cubic meters (bcm) of gas per year when its development plan is finished. According to the Iranian media, Iran Economy Council has made a decision in its latest session, which was attended by First Vice President Eshaq Jahangiri and Oil Minister Bijan Zanganeh, to allocate USD 1.4 billion to the development of the field. - 7/9/15

Iran vows to double oil exports after sanctions lifted

- Iran said on Sunday that it has serious plans to increase its oil exports to almost double the current levels after sanctions against the country are lifted. "We are like a pilot on the runway ready to take off. This is how the whole country is right now," Mansour Moazami, Iran's deputy petroleum minister for planning and supervision affairs, told the Wall Street Journal. - 7/6/15

Germany's petchem giant Basel to invest in Iran

- Iran's media reported on Sunday that Germany's Basel petrochemical giant plans to invest above $300 million in Iran. Reports say the investment will be made in an Iranian petrochemical project and will also include the transfer of technology. - 6/29/15

Iran holds world's largest gas reserves

- World proven natural gas reserves at end-2014 stood at 187.1 trillion cubic metres (tcm), sufficient to meet 54.1 years of global production. Proved reserves grew by 0.3% relative to end-2013. Growth in Russia (+0.4 tcm), Azerbaijan (+0.3 tcm) and the US (+0.2 tcm) accounted for all of the gross increase in global proved reserves in 2014. Iran (34.0 tcm) and Russia (32.6 tcm) hold the largest proved reserves. - 6/28/15

Record rise in foreign investments in Iran

- Iran's media reported on Saturday that foreign investments in the country had seen an unprecedented three-time rise in the second quarter of 2015. Foreign investments in Iran over the period had reached as high as $3 billion. The figure was higher than the total of $2.1 billion of foreign investments made in the country from March 2014-2015. - 6/28/15

Iran accelerates drilling of largest oilfield

- Iran has accelerated drilling of its largest oilfield which it shares with Iraq in order to catch up with its western neighbor in production, an energy official has said. The National Iranian Drilling Company (NIDC) has completed the drilling of six wells since taking over from the state-run China National Petroleum Corporation's (CNPC) which had its contract cancelled in May 2014 due to repeated delays. - 6/26/15

Not Waiting For Nuclear Deal, Shell, Other Oil Firms In Talks With Iran

- Executives from Royal Dutch Shell and Eni have met Iranian officials in Tehran to discuss investing in the country's energy industry, the first time international oil firms have publicly confirmed such talks ahead of a possible nuclear deal with the West, the Financial Times has reported. - 6/25/15

Iran sets goal to be second place gas producer in the world

- Iran expects its gas production to grow 71% in the next four years, putting the country on course to take over as the second biggest gas producer, an official said on Thursday. - 6/19/15

Iran's crude exports bounce back after sanctions stranglehold

- The International Energy Agency reports that Iran's crude exports in May of 2015 made a big jump after being dragged down three years ago by the tightening of international sanctions on the country's petroleum exports. - 6/15/15
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