IRANIAN REVENUE: $191 BLN
SHANA - Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor said Iran has so far recovered 1,060 billion cubic meters of natural gas from the supergiant South Pars Gas Field, adding the recovery has fetched Iran over 191 billion dollars in revenue.
Addressing a ceremony to inaugurate 6 development phases of the gas field on Sunday, the official said Qatar has recovered 1,771 billion cubic meters of gas from the field in its own territories.
He expressed hope that launching new development projects at the field will bring Iran's revenues from it close to that of Qatar.
Mr. Kardor said Iran's recovery of gas from the field has nearly doubled from 2013, beginning of President Rouhani's first term.
In the year Iran produced 285 mcm/d while it is now recovering 570mcm/d, he added.
Iran pumped out 155 bcm of gas from the field last Iranian calendar year which ended on March 20, setting a new record in production from the field.
Iran has so far invested 71 billion dollars for developing the gas field of which $19b has been procured by domestic investors and the rest were supplied by dipping into the National Development Fund of Iran (NDFI), banks, bonds, etc. he added.
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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.