Oil Industry

Sixth round of crude offering at IRENEX set for Feb. 13

TEHRAN, Feb. 25 (MNA) – The National Iranian Oil Company (NIOC) is set to launch the sixth round of oil sale at Iran Energy Exchange (IRENEX) on February 23.

NIDC drills 123 wells in 11 months

TEHRAN, Feb. 25 (MNA) – The National Iranian Drilling Company (NIDC) has completed drilling operations for 123 oil and gas wells over the course of the first 11 months of the current calendar year, which began on March 21.

Iran ready for gasoline exports: official

TEHRAN, Feb. 24 (MNA) – An official with the Iranian Ministry of Petroleum said the country was not only self-sufficient in gasoline production but had excess production capacity, which could be earmarked for exports.

Trump loves surprises, so we'll entertain him: FM Zarif

TEHRAN, Feb. 23 (MNA) – Iranian Foreign Minister Mohammad Javad Zarif said Tehran’s response to blunt the impact of US sanctions will come as a ‘surprise’ to US President Donald Trump.

Iran-Azerbaijan oil talks continue

TEHRAN, Feb. 20 (MNA) – The CEO of Khazar Exploration and Production Company (KEPCO) said talks between Iran and Azerbaijan were continuing and a joint committee had been formed by the two neighbors.

China says will uphold ‘legitimate cooperation’ with Iran

TEHRAN, Feb. 20 (MNA) – China’s Foreign Ministry spokesman says Beijing’s energy cooperation with Tehran and its oil imports from the Islamic Republic are conducted under the framework of the international law, and the two countries will continue their normal cooperation.

India's oil imports from Iran at 270,500 bpd in Jan.

TEHRAN, Feb. 17 (MNA) – India's oil imports from Iran fell by 45 per cent in January to 270,500 barrels per day oil (bpd), below the estimated 300,000 bpd for the month as some cargoes were delayed.

Parliament outlines new obligations on crude sales at IRENEX

TEHRAN, Feb. 17 (MNA) – Iranian lawmakers on Sunday approved the new outlines obligating the Oil Ministry to offer at least a total of six million barrels of crude and condensate on Iran Energy Exchange (IRENEX) per month.

NIORDC to launch integrated distribution management system for oil products

TEHRAN, Feb. 13 (MNA) – The National Iranian Oil Products Refining and Distribution Company (NIORDC) is planning to launch an integrated system for distribution management of petroleum products.

Iran’s non-oil revenues exceeds oil exports: MP

TEHRAN, Feb. 09 (MNA) – Spokesperson of the industries and mines commission of the Iranian Parliament, Vali Maleki, said that Iran’s non-oil revenues have surpassed the amount earned by oil exports.

Oil min.:

Iran oil reserves hit over 160bn barrels in 40 yrs.

TEHRAN, Feb. 07 (MNA) – Iranian Oil Minister Bijan Zanganeh said the country’s oil reserves have reached from 88 billion barrels during the Islamic Revolution in 1979 to 160 billion barrels, showing a considerable hike.

India's Hindustan Petroleum says could buy 0.9 mln T of Iran oil this year

TEHRAN, Feb. 06 (MNA) – India’s Hindustan Petroleum Corp could buy 0.9 million tonnes of Iran oil in its 2018/19 financial year, said Vinod S Shenoy, the company’s director of refineries.

Oil minister says Europe not buying Iran oil despite US waivers

TEHRAN, Feb. 05 (MNA) – Iran’s Oil Minister Bijan Zanganeh said Tuesday Italy and Greece had stopped buying oil from Iran despite being granted waivers from US sanctions.

Iran recoverable oil reserves at 160bn barrels: Zanganeh

TEHRAN, Feb. 05 (MNA) – Iran’s Minister of Petroleum Bijan Zanganeh said Tuesday the country’s recoverable oil stood at 160 billion barrels.

NIOC puts Iran’s recoverable crude at 160 billion barrels

TEHRAN, Feb. 05 (MNA) – The National Iranian Oil Company (NIOC) in an announcement put Iran’s reserves of recoverable liquid hydrocarbons at an estimated amount of 160.12 billion barrels, while its natural gas reserves stand at 33.33 trillion cubic meters.

NIDC completes 7 drilling operations in Azar Oilfield

TEHRAN, Feb. 04 (MNA) – The National Iranian Drilling Company (NIDC) has completed the operations to drill 7 wells in Azar Oilfield in Anaran block, western lIam province.

KOGPC treats 32,000 barrels of oil with MOT

TEHRAN, Feb. 03 (MNA) – The CEO of Karoon Oil & Gas Production Co. (KOGPC) says his company has processed 32,000 barrels of crude oil by mobile oil treater (MOT) devices during the past 10 months of the Iranian year (through Jan. 21).

Iran oil development, unstoppable: MP

TEHRAN, Feb. 03 (MNA) – The spokesman for the Iranian Parliament's Energy Commission said the development of Iran's oil industry could not be stopped.

NIOC to issue fixed-rate bonds to finance oil projects

TEHRAN, Jan. 29 (MNA) – The CEO of the National Iranian Oil Company (NIOC) said the company would start issuing Rls. 10 billion of fixed-rate (Manfa’at) bonds on February 2 with the aim of financing oil projects.

NIOC plans next round of IRENEX oil sale for early February

TEHRAN, Jan. 29 (MNA) – The National Iranian Oil Company (NIOC) has planned to offer a million barrels of crude oil on the Iran Energy Exchange (IRENEX) on February 4.

3rd distillation unit of Isfahan Oil Refinery to come online

TEHRAN, Jan. 29 (MNA) – The CEO of Isfahan Oil Refinery said the plant would launch its third distillation unit on the occasion of the 40th anniversary of the Islamic Revolution.

Japan's Cosmo Oil resumes intake of Iranian crude: source

TEHRAN, Jan. 28 (MNA) – Cosmo Oil has started loading its first Iranian crude oil cargo, the latest Japanese refiner to resume import of Iranian oil more than two months after the US sanctions waiver was granted, a source with direct knowledge of the matter said on Monday.

Iran discovers light oil in Abadan

TEHRAN, Jan. 23 (MNA) – Oil Minister Bijan Zanganeh said Iran has discovered oil near Abadan, southwestern Khuzestan province, for the first time.

By: Ebrahim Fallahi

Will Iran’s oil revenues satisfy next year’s budget expectations?

TEHRAN, Jan. 23 (MAN) – Despite enjoying a great variety of income sources besides oil, Iran is undeniably dependent on oil revenues for managing its financial affairs. According to economists, near 70% of the Iranian government’s total income comes from selling oil and oil products.

NIOC subsidiaries sign 9 maintenance, EOR deals with domestic firms

TEHRAN, Jan. 23 (MAN) – The subsidiaries of the National Iranian Oil Company (NIOC) signed 9 contracts with local contractors on maintaining and enhancing the production capacity of a number of Iranian oil and gas fields.

Fuji Oil loads Iran crude, first cargo bound for Japan since US sanctions waiver

TEHRAN, Jan. 21 (MNA) – Fuji Oil has loaded Iranian crude oil, the first cargo being lifted by the Japanese refiner since the country won a 180-day waiver from the US to import oil from Iran, a company official told S&P Global Platts Monday.

Kish Island to host intl. oil expo

TEHRAN, Jan. 20 (MAN) – The 15th International Oil and Energy Exhibition is scheduled to be held in Kish Island, in the Persian Gulf, from January 21-24.

Zanganeh says oil industry can double petchem output to $40bn

TEHRAN, Jan. 20 (MNA) – Minister of Petroleum Bijan Zanganeh said Sun. that the oil industry has the capability to double the country’s petrochemical output capacity to $40 billion.

Developing Caspian region, NIOC priority: official

TEHRAN, Jan. 20 (MNA) – A senior official with the National Iranian Oil Company (NIOC) said the company viewed northern oil-rich regions as a priority just like southern areas for development of the oil industry.