RUSSIA WILL STUDY IRAN
BLOOMBERG - Gazprom Neft PJSC signed an agreement with Iran's state oil company to study the potential for oil production from two fields, becoming at least the third Russian energy producer in the Persian Gulf nation.
Gazprom joins Lukoil PJSC and Zarubrezhneft OAO in Russia, Iran's Oil Minister Bijan Namdar Zanganeh said in Tehran at the signing ceremony. Salbali Karimi, managing director of the Iranian Central Oil Fields Co., and Alexander Dyukov, chairman of the management board and chief executive officer of Gazprom Neft, signed the memorandum of understanding.
Gazprom will study the potential of Iranian oil fields Cheshmeh-Khosh and Changuleh, according to a poster at the ceremony. Royal Dutch Shell Plc and Total SA have also signed initial agreements with Iran since sanctions were lifted in January.
Iran dramatically boosted crude sales in 2016 after they were curbed for years by sanctions over its nuclear program. Under a deal for a collective cut by members of the Organization of Petroleum Exporting Countries to shore up prices, Iran was given an exemption and allowed to boost output by 90,000 barrels a day to 3.797 million barrels a day starting Jan. 1.
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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.
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.
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.
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.