But in order to extract those resources, BP has had to wage a battle to control inflated costs and root out fraud, internal documents and interviews with former employees of BP and its contractors show.
Turkey has for the first time imported liquefied natural gas (LNG) from the US in 2016, said the message from Turkey’s Energy Market Regulatory Authority (EMRA).
In November 2011, Iraq signed a $17 billion deal to form a joint venture to gather, process and market gas from three oil fields in the oil-rich province of Basra. The fields are the 17.8 billion-barrel Rumaila, the 4.1 billion barrel Zubair field and the 8.6 billion barrel West Qurna Stage 1.
U.S. companies are welcome to invest in Iran's oil and gas industry, the Iranian oil minister said.
“We need contracts, tenders and technology,” he said, describing Iran as a “garden” in need of nourishment. “Money for the Iranian economy is like water.”
Iran is working to regain market share after sanctions relief and exports had already risen by 500,000 bpd in February, Mohsen Ghamsari, director of international affairs at National Iranian Oil Co (NIOC), told Reuters on Tuesday.
The low oil prices are a lucky charm for Iran, because the production costs in Iran are really low and you can't find any other place in the world that has such low production costs. Also, companies that are coming to invest in Iran would have access to both oil and gas reserves.
India's oil imports from Saudi Arabia and Iraq hit the highest in more than a decade last month as OPEC's top producers gained at the expense of Latin American crudes, a validation of the OPEC policy of maintaining output and fighting for market share.
On Tuesday, Saudi Arabia, Russia, Venezuela and Qatar conditionally agreed to cap their output at last month’s levels in order to halt a slide that has pushed oil prices to their lowest point in more than a decade. Oil prices recently plummeted below $30 a barrel, the lowest in 13 years.
Eni has already developed phases 4 and 5 of the South Pars gas field as well as two phases of Darkhovin oilfield. It has shown interest in developing Iran’s North Pars gas field and also the third phase of Darkhovin oilfield.
Iraq's exports from its southern region have been running at an average daily rate of 3.297 million barrels per day (bpd) so far this month, higher than December's average and unaffected by tribal clashes, an oil company executive said on Saturday.
Iran needs $20bn to develop the remaining phases of the South Pars gas field, energy minister Bijan Namdar Zanganeh said
The escalating rivalry between Saudi Arabia and Iran is intensifying bilateral market competition, which some observers say eclipses in importance Saudi concern over expansion of supply from North America.
"We will be more subtle in our approach and may gradually increase output," Qamsari said. "I have to say that there is no room to push prices down any further, given the level where they are."
While Iran enjoys the world's fourth-largest proven crude oil reserves and the world's second-largest natural gas reserves, its production and export potential has remained largely unutilized as a result of the nuclear related sanctions. The sanctions have had a major impact on Iran's energy industry and have caused a number of cancellations or delays in its oil and gas upstream projects.