SOUTH PARS: 35,000 BPD
SHANA - Iran says it has started pumping oil from the oil layer of South Pars gas field.
Deputy Managing Director of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs Gholam-Reza Manouchehri announced the news on Sunday, saying operation of 7 wells at the layer has started and their production will reach full capacity within a maximum of a week.
Operation of the oil layer of the gas field began parallel with the anniversary of nationalization of oil industry in Iran.
The official said production from the layer will reach 35,000 barrels per day once its wells are fully operational.
Oil recovery from the oil layer of the offshore gas field was made possible after NIOC dispatched a floating production, storage and offloading (FPSO) unit over the layer.
"By the time the FPSO recovers and processes a certain amount of crude oil from the South Pars oil layer, an oil tanker will berth next to it for loading," said Manouchehri, expressing optimism that the first crude oil consignment from the field will be ready for shipment in a matter of 30 to 45 days.
The Cyrus FPSO unit was dispatched to its designated offshore spot in February.
South Pars, a supergiant gas field Iran shares with Qatar in Persian Gulf waters, is estimated to contain over 14 billion barrels of oil in its oil layer.
|November, 16, 10:10:00|
|November, 16, 10:00:00|
|November, 16, 09:55:00|
|November, 16, 09:50:00|
|November, 16, 09:45:00|
|November, 16, 09:40:00|
PLATTS - Asia is a growing market for Russian energy, including LNG, and a potential source of investment for the world's largest producer of resources and minerals. The Kremlin has increasingly looked to build its presence in the Asian region following the imposition of tough sanctions by the US on Russia.
REUTERS - “The Saudis are very angry at Trump. They don’t trust him any more and feel very strongly about a cut. They had no heads-up about the waivers,” said one senior source briefed on Saudi energy policies.
PLATTS - "It is obvious that we need to cooperate with Saudi Arabia, and we are going to cooperate with Saudi Arabia. OPEC plus has been very positive, and we see that in the market situation," Putin told reporters in Singapore during a briefing broadcast on Russia 24.
U.S. OFR - The U.S. Office of Financial Research (OFR) released its 2018 Annual Report to Congress, stating that risks to U.S. financial stability remain in the medium range, reflecting a mix of high, moderate, and low risks to the financial system.