Oil industry requires $180 billion worth of investments in upstream and downstream sectors to undertake oil and gas projects during the sixth five-year development plan (2016-21),…
Energy
iran energy news, Read the latest news about Iran’s oil and gas sector, renewable energy, electricity, water, and drilling industries.
Iran plans to curb lavish spending in its resurgent oil industry by cutting down on hefty costs of leasing foreign drilling rigs and improving efficiency in exploration and production.
Frontline, one of the world's largest independent tanker firms, says securing insurance for cargoes carrying oil from Iran is likely to take another two to three months, potentially limiting Iran'…
OPEC is very unlikely to cut output at its next meeting in June, even if prices remain extremely low, according to OPEC sources and delegates, as it will be too early to say how fast Iranian…
The oil price collapse will compel all producers to freeze output and no early OPEC meeting can take place without such a move, the UAE’s energy minister said. “This is the reality," Suhail Al…
Iran has called on Finnish investors and contractors to participate in the country’s water and power wastage reduction plans, which was welcomed by the Finns.
Sattar Mahmoudi, Iran's acting…
Iran has raised its in-place oil reserves by 2.5 billion barrels, employing enhanced oil recovery techniques, the head of reserves evaluation bureau at National Iranian South Oil Company announced…
Energy Minister Hamid Chitchian said South Korea can play an active role not only in Iran's smart power grid development project, but also in power plant construction plans.
Chitchian made…
Less than a year ago, major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in deciding whether to crank up output after the…
OPEC oil output has fallen in February from the highest monthly level in recent history, due to a halt in Iraq's northern exports and outages in other producers.
The long-proposed $4.5-million undersea gas pipeline between Iran and India is likely to get some momentum with a planned visit by key domestic gas buyers, including Gail and Indian Oil Ltd, to…
Iran's electronic fuel card system will be scrapped within the next few days in case the National Iranian Oil Refining and Distribution Company approves a pilot 10-day program to stop using…
Oil Minister Bijan Namdar Zanganeh said Iran's combined oil and gas condensates exports reached 1.75 million barrels per day in February and hoped that crude supply to South Korea will more than…
Iran will push forward with plans to pump an additional 1 million barrels of oil per day to reach its pre-sanctions level, a senior Iranian oil official said.
Asian imports of Iranian oil held steady in January from a year earlier, as most of Iran's biggest crude buyers restrained their purchases until right before sanctions were lifted last month as…
Saudi Arabia will continue to work with all main oil producers to limit market volatility and is committed to meeting a big part of global oil demand based on commercial considerations, its…
The UAE will reduce domestic prices for gasoline in March while raising them for diesel, the ministry of energy said on Sunday. The price of a liter of octane 95 gasoline will fall to $0.37 from $…
The research-based development of Ahvaz Oilfield, in cooperation with a British oil company LR-Senergy, has started, the head of reservoir studies and field development department of Research…
The first batch of high-tech turbines and compressors blocked by Siemens due to international sanctions was released and unloaded in Assaluyeh, Bushehr Province, on Friday.
National Iranian Oil Company has reportedly signed deals with the world's largest commodity traders to import gasoline in exchange for crude oil.
Negotiations on the swap agreement have…
The Oil Ministry’s debts to banks and contractors have reached a staggering $56 billion, a deputy oil minister said on Sunday.
“The Oil Ministry’s unpaid dues owed to banks for the…
China is in the final stages of opening a line of credit for developing a petrochemical complex in Masjed-Soleiman in the southern Khuzestan Province, managing director of Masjed-Soleiman…
Global geological exploration of hydrocarbon reserves is going to decline in 2016 by 10-20%, Russian Minister of Natural Resources and Environment Sergei Donskoi said on Friday.
"Different…
Despite recent disagreements among OPEC members, Nigerian Oil Minister Emmanuel Ibe Kachikwu told CNBC that the Organization of Petroleum Exporting Countries will be able to come…
Petroleo Brasileiro SA secured a $10 billion loan from China Development Bank, as the beleaguered state-owned oil producer endures the worst crude market in a generation and faces more than double…
