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2016-11-08 18:40:00

TOTAL & CNPC: IRANIAN DEAL

TOTAL & CNPC: IRANIAN DEAL

FT wrote, France's Total and China National Petroleum Corp are set to sign the first major agreement with Iran for the development of its gasfields since the loosening of international sanctions in January.

Iran's oil ministry said on Monday it expected to finalise the preliminary deal, involving development of a new phase of the giant South Pars gasfield, on Tuesday. This would represent a breakthrough in Tehran's efforts to attract renewed investment in its outdated energy infrastructure and unlock some of the world's biggest oil and gas reserves.

For Total, the deal would open the way for its return to Iran six years after the French oil major exited the country amid international tensions over Tehran's efforts to make a nuclear bomb. It would also highlight Total's hunt for new sources of growth in spite of persistent weakness in the oil market.

Total declined to comment on the expected agreement with Tehran but, in an interview with the Financial Times, Patrick Pouyanné, chief executive, highlighted Iran among the places he was interested in investing.

He said new oil and gas projects were urgently needed to stave off supply shortages after the sharp downturn in industry capital expenditure since oil prices started falling in mid-2014.

"The number of new projects being sanctioned is by far not sufficient to fight against declines [in reserves]," he added. "In commodities you must invest when the prices are low and the costs are low."

Mr Pouyanné said there was "huge potential" in Iran, which has the world's second-largest gas reserves and fourth-largest oil reserves, according to the US Energy Information Administration.

He later said the South Pars deal, worth about $2bn, could be signed in days.

Iran wants $200bn of investment in its energy industry over the next five years in order to raise production. Until now the country has been struggling to persuade overseas energy companies to commit amid wrangling over the contract terms offered by Tehran.

Under the deal expected to be signed with state-controlled National Iranian Oil Company on Tuesday, Total will form a consortium with CNPC and Petropars of Iran to develop a new phase of South Pars.

Total had long been seen as one of the companies most likely to seek renewed access to Iran after nuclear-related sanctions were eased because it helped develop South Pars together with Statoil of Norway in the late 1990s and early 2000s.

South Pars holds 51tn cubic metres of gas, according to the International Energy Agency, the global energy advisory body, and this resource rich area of the Gulf has transformed neighbouring Qatar into the world's largest exporter of liquefied natural gas.

But because of sanctions, Iran has been unable to exploit South Pars to its full potential.

Mr Pouyanné told the FT that reduced industry exploration in the past two years would lead to a global deficit of 5m barrels of oil per day by 2020, which would only be partly made up for by increased US shale production.

The IEA said in September that oil companies have cut investment in new production by 24 per cent this year, following a 25 per cent reduction in 2015.

According to Wood Mackenzie, the consultancy, 20m barrels a day of new production needs to be developed by 2025 to meet rising global demand.

Mr Pouyanné's comments about the risk of supply shortages ahead echo a warning last month by Saudi Aramco chief executive Amin Nasser.

However, not all industry executives agree. Rex Tillerson, ExxonMobil chief executive, predicted last month that US shale resources would keep the market well supplied and maintain a lid on prices.

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Earlier:

IRAN: 

IRAN READY TO FREEZE 

IRAN WANTS $200 BLN 

IRANIAN OIL TO ASIA: 62% 

IRAN & RUSSIA: AREN'T RIVALS 

IRAN WANTS 13% 

IRAN SUPPORTS PRICE $50 - $60

 

CNPC: 

СДЕЛКА CNPC И РОСНЕФТИ 

CHAD FINES CNPC 

GAZPROM & CNPC: SIGN CONTRACT 

NOVATEK & CNPC: YAMAL LNG 

CNPC & TOTAL NEGOTIATIONS 

BP & CNPC COOPERATION

 

TOTAL: 

TOTAL NET INCOME DOWN 16% 

TOTAL & GAZPROM IN BOLIVIA 

TOTAL & ZARUBEZHNEFT DEAL 

TOTAL NET INCOME $3.7 BLN 

TOTAL DOWN 40%

 

 

Tags: TOTAL, CNPC, IRAN, GAS

Chronicle:

TOTAL & CNPC: IRANIAN DEAL
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

TOTAL & CNPC: IRANIAN DEAL
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

TOTAL & CNPC: IRANIAN DEAL
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

TOTAL & CNPC: IRANIAN DEAL
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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