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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 This would represent a breakthrough in Tehran's efforts to attract renewed investment in its outdated energy infrastructure and unlock some of the world's biggest oil and gas reserves.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
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

TOTAL & CNPC: IRANIAN DEAL
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

TOTAL & CNPC: IRANIAN DEAL
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

TOTAL & CNPC: IRANIAN DEAL
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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