IRAN'S OIL EXPORT 2.6 MBPD
IRNA - Minister of Petroleum Bijan Zangeneh said on Wednesday that Iran exported more than 2.6 million bpd last year on average and will continue the same path this year.
Speaking to reporters on the sidelines of a cabinet meeting, Zangeneh said that President Rouhani is scheduled to inaugurate oil projects worth $20 billion next week.
He said that new phases of South Pars oil field and the new oil layer of this field, from which oil will be produced for the first time, will be among the projects to be inaugurated by the president.
Six phases of the giant oil field, including Phases 11, 13, 14, 23, 24 and 22 will remain to be completed in the future, the minister said, adding that one of the remaining phases will be completed by the yearend and the other ones will be left for next year.
"We reached a production level equal to that of Qatar this year," Zangeneh said.
"Qatar has announced it intends to expand this field once again. If they expand again, we will expand too."
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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.