Energy

Iran recoverable crude oil and gas condensates reserves are estimated at 160 billion barrels. According to the Exploration Department of the National Iranian Oil Company, proven gas reserves are…

PDVSA began a partial rationing of gasoline at gas stations in certain areas of Venezuela, as many gas stations in Caracas ran out of fuel as customers nervously filled up their tanks in…

Oil hit a two-month high above $63 a barrel on Monday as OPEC-led supply cuts and US sanctions against Venezuela’s petroleum industry offset forecasts of weaker demand and an economic slowdown…

Energy Minister Reza Ardakanian says the electricity export bill to Iraq over the past 15 years amounts to $6 billion.  "The neighboring country has paid $5 billion of and the rest is…

Japan's largest refiner JXTG Nippon Oil & Energy is set to resume loading of Iranian crude oil as early as Monday, almost three months after the US sanctions waiver was granted. S&P…

Construction of a combined-cycle power plant in Sabzevar, Khorasan Razavi Province, started on Saturday. With 546 megawatt capacity, the plant will help develop regional power infrastructure,…

To help avoid power outages in summer, Tehran Province Electricity Distribution Company is renovating the power grid, the managing director said. Hossein Sabouri said $3 million is spent per…

US crude exports to Asia are set to swell over March and April as a drop in freight rates makes US cargoes more competitive against barrels from Asia or the Middle East, according to market…

Royal Dutch Shell plc, through its subsidiary Shell Brasil Petroleo Ltda. and consortium partners have announced the start of production at the Lula North deepwater project in the Brazilian…

Exxon and Qatar Petroleum will proceed with a $10 billion expansion of their Golden Pass liquefied natural gas import terminal in Texas to turn it into an export facility as well, Reuters…

To raise crude output in shared reservoirs with Iraq, Iran's Petroleum Engineering and Development Company is installing skid-mounted modular mini refining units in South Azadegan Oilfield in…

South Khorasan Regional Electricity Company has installed 30 solar panels for 80 nomadic families in underprivileged areas over the last 10 months, managing director of the provincial Nomadic…

Seventy power projects will be operational in Yazd Province by the end of February, managing director of Yazd Regional Electricity Company said Saturday.

European buyers of the heavy crude produced by Venezuela’s PDVSA have put their purchases on hold in anticipation of sanctions against the government in Caracas to be announced by the European…

Russian oil output declined to 11.38 million barrels per day in January, or by around 35,000 bpd from the October 2018 level, the baseline for the global oil accord, missing the deal’s target,…

Iranian private companies are willing and able to help Iraq and Syria in their post-war reconstruction plans by undertaking energy projects, Energy Minister Reza Ardakanian said. "This is the…

OPEC crude output fell the most in two years last month as the group implemented almost 80% of its new production cuts deal.  Top exporter Saudi Arabia cut deeper than pledged, while its…

With the help of mobile oil treaters, Karoun Oil and Gas Production Company has prevented 32,000 barrels of oil from being burnt during extraction phases over the past 10 months, the managing…

An underground 132/20 kilovolt gas-insulated substation was inaugurated in Mashhad, Khorosan Razavi Province, at the weekend. “The substation is built over 1,100 square meters and is 16 meters…

India is in talks with the US to extend a waiver permitting it to continue importing Iranian oil after March, an Indian Oil Ministry official said Thursday. "We are hopeful of another extension…

Rationing and higher prices are needed to help reduce fuel consumption, the oil minister said. "There are a number of proposals on the table but no decision has been taken because of a lack of…

PetroChina is looking to drop Venezuela’s state-owned oil firm PDVSA as an equity partner in a planned and long-delayed $10-billion oil refinery and petrochemical complex in southern China,…

Bandar Imam Petrochemical Company in Khuzestan Province exported 1.2 million tons of petrochemicals in the first 10 months of the current fiscal (started March 2018), the managing director said…

Bid Boland Gas Refinery in the southwestern Khuzestan Province will go on stream by 2020, the managing director said Tuesday.

Installed power capacity of substations, including transmission and distribution, needs to expand by 10% to meet domestic power demand in summer when consumption levels always reach peak…