SOUTH PARS GAS DOUBLED
REUTERS - Iran has nearly doubled gas production at South Pars, the world's largest gas field, in the past year, Iranian President Hassan Rouhani said Sunday, according to state media.
Gas production at South Pars increased from 285 million cubic meters to 555 million cubic meters in the past Iranian calendar year, which started in late March 2017, Rouhani said, according to state media.
"We did not have the need to purchase gas from any country this year for them to try to be fickle or raise prices," Rouhani said.
Total signed a deal with Tehran last July to develop phase 11 of Iran's South Pars field with an initial investment of $1 billion. It was the first major Western energy investment in the Islamic Republic since sanctions related to Iran's nuclear-power program were lifted.
Total will be the operator with a 50.1 percent stake, alongside Chinese state-owned oil and gas company CNPC with 30 percent and National Iranian Oil Co subsidiary Petropars with 19.9 percent.
Separately, Iran's minister of industry, mine and trade, Mohammad Shariatmadari, said Sunday that the Islamic Republic has received 1.9 billion dollars in foreign investment since Rouhani began his second presidential term last August, according to state media.
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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.