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2018-02-05 07:40:00

IRANIAN OIL UP BY 165 TBD

IRANIAN OIL UP BY 165 TBD

SHANA - Iranian Minister of Petroleum Bijan Zangeneh says the country's petroleum output has increased by 165,000 b/d in the first 10 months of the current Iranian calendar year which began on March 21 compared to the same period last year.

Addressing a press conference here in Tehran on Sunday, the official said Iran's crude exports have also increased by 60,000 b/d in the period year-on-year.

The country has ramped up its crude oil output and export by at least a million barrels per day in the post-JCPOA (Joint Comprehensive Plan of Action (JCPOA) ) setting, the official said.

Mr. Zangeneh further added that crude oil production in West Karoon Play has reached 305,000 b/d in the month of Dey (10th month in Iranian calendar, December 22--January 20) from 165,000 b/d last year.

"Production of oil from joint oilfield is a priority [for Iran] and oil recovery from South Yaran, Azar, and the oil layer of South Pars has reached 63,000 b/d," the official added.

He also said that Iran's production of gas from South Pars, a supergiant gas field the country shares with Qatar in Persian Gulf waters, has grown from 285.9 mcm/d in 2012 to 553 mcm/d in the current calendar year.

5 South Pars Phases online Next Year

The official further said that next [calendar] year, five phases, including Phase 13, Phases 22-24 and half of Phase 14 will be inaugurated.

By the end of the month of Dey, 92% of the total population and 76% of the rural population were covered by the gas supply network in Iran, he added.

"With the delivery of more gas to power plants, this year, despite the increase in annual fuel consumption of power plants, the amount of liquid fuel consumed by them is below 10%," he added.

Iran Gasline Ready to send gas to Iraq

"Speaking of gas export, our export line is ready to send gas to Iraq's Basra and also Naftshahr," he added. "However, in the Basra pipeline, the Iraqi side is still not ready. Despite the cold, we have nearly 13 million cubic meters of gas at our disposal for export to Iraq."

No hassles in South Pars 11 Deal with Total

The official insisted that the development project of South Pars 11 is being executed with the consortium of France's Total, China's CNPCI and Petropars of Iran as planned.

Total must construct a platform to boost pressure in the second phase of the project, he added, saying the country will need an investment of about 28 billion dollars for launching such platforms for each phase of the gas field.

Natural Gas and Petrochemical Sectors

The official also touched on the petrochemical sector saying Iranian President Hassan Rouhani will inaugurate a number of petrochemical proejcts valued at $2 billion next year.

The domestic demand for petrochemical feedstock is projected to grow by 17% next year, he added.

"Iran's petrol output has increased by 16.5 million liters/day compared to last year, mostly from the Bandar Abbas Gas Condensate Refinery; the distillation unit of the plant is about to come on-stream, and we hope that all 3 units of the facility come online next year."

"Iran has incurred huge expenses building its share of the Iran-Pakistan gasline, but the other side has not fulfilled its contractual obligations so far, so we have to enter the legal follow-up phase, but all dimensions of the matter must be taken into account," said Zangeneh.

Turkmenistan cut its gas exports to Iran last winter, but there has not been a major problem in this regard, he said.

Turkmenistan has already filed a case against Iran. "We believe that they have also inflicted losses on us that we are pursuing".

Crude Oil Market and OPEC

"OPEC's measures to push up the prices is short-lived, and the issue of increasing production capacity is a long-term issue. Any country that builds capacity for oil production will ultimately be the winner."

Regarding extension of the OPEC output cut agreement, one should wait until the June meeting of the organization.

"In case OPEC does no extend the agreement, Iran will be able to increase its oil exports from the West Karoon Plays immediately."

"In order to respect fellow OPEC members, Iran has so far honored the accord and has not increased its exports."

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Earlier:

C.Asia
2018, January, 24, 11:45:00

IRANIAN NUCLEAR POWER - 2017

WNA - Iran produced 275 TWh gross in 2014, comprising 196 TWh from gas, 59 TWh from oil, both of which it has in abundance, 14 TWh from hydro which is less reliably available, and 4.5 TWh from nuclear power. Demand is growing about 4% per year, and Iran trades electricity with Afghanistan, Armenia, Azerbaijan, Iraq, Pakistan, Syria, Turkmenistan and Turkey. Net export is about 6 TWh/yr. Turkey and Iraq account for 90% of exports. Consumption in 2014 was about 223 TWh, per capita about 2700 kWh/yr.In mid-2015 generating capacity was 74 GWe, including 12 GWe hydro. The country plans to boost generating capacity to 122 GWe by 2022, with substantial export potential.

 

 C.Asia
2018, January, 17, 23:30:00

STABLE IRANIAN OIL

PLATTS - Trading sources from Asia, which remains the premier destination of Iranian oil, told that even if US sanctions returned, crude oil inflows from Iran would be stable.

 

 C.Asia
2018, January, 15, 09:50:00

OIL PRICES & IRAN SANCTIONS

PLATTS - On Thursday, US Secretary of State Rex Tillerson told reporters that Trump would likely announce the decision in the afternoon in Washington. If that deal unravels, 800,000 b/d of Iranian crude exports would be at risk, according to analysts.

 

 C.Asia
2018, January, 8, 19:25:00

U.S. - IRAN SANCTIONS

U.S.DT - "These sanctions target key entities involved in Iran's ballistic missile program, which the Iranian regime prioritizes over the economic well-being of the Iranian people. As the Iranian people suffer, their government and the IRGC fund foreign militants, terrorist groups, and human rights abuses," said Treasury Secretary Steven T. Mnuchin. "The United States will continue to decisively counter the Iranian regime's malign activity, including additional sanctions targeting human rights abuses. We will not hesitate to call out the regime's economic mismanagement, and diversion of significant resources to fund threatening missile systems at the expense of its citizenry."

 

 C.Asia
2017, December, 15, 13:05:00

GAZPROM - IRAN COOPERATION

GAZPROM - Alexey Miller and Ali Kardor, Iran’s Deputy Minister of Petroleum, CEO of National Iranian Oil Company, inked a Roadmap. Pursuant to the document, Gazprom will conduct a proof-of-concept study with regard to implementing integrated projects for hydrocarbon production, transmission and processing, including petrochemistry, in Iranian territory.

C.Asia
2017, November, 1, 08:50:00

RUSSIA - IRAN NUCLEAR ENERGY

ROSATOM - On the 31st of October 2017, in the Bushehr Province (Iran) the work commissioning ceremony at the main building of power unit No. 2 of Bushehr NPP (Bushehr-2 project) was held.

 C.Asia
2017, September, 18, 12:20:00

U.S. - IRAN SANCTIONS

On Thursday, the administration extended certain sanctions on Iran's oil and banking sectors that have been suspended since the nuclear deal took place in January 2016.

 

 

Tags: IRAN, OIL, PRODUCTION

Chronicle:

IRANIAN OIL UP BY 165 TBD
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

IRANIAN OIL UP BY 165 TBD
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

IRANIAN OIL UP BY 165 TBD
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

IRANIAN OIL UP BY 165 TBD
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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