TEHRAN – An NIDC official said as many as 119 oil and gas wells were drilled and completed over the first nine months of the current Iranian calendar year (began March 21). Corporate Planning Director of National Iranian Drilling Company (NIDC) Naser Gholipour pointed to drilling of 119 new oil and gas wells so far […]

Oil prices in New York jumped to a two-and-a-half year high Tuesday and briefly topped $60 a barrel due to a Libyan pipeline explosion and frigid weather in the US. The benchmark US contract, West Texas Intermediate for February delivery, rose $1.50 to $59.97 a barrel after earlier breaching $60 for the first time since […]

Exploration activities in the oil industry hit less than seven billion barrels of oil in 2017, the figure of which is unprecedented since 1940. Oil industry in the world explored less than seven billion barrels of oil in 2017, showing a considerable decline as compared to the same period of last year. According to the […]

TEHRAN – Tony Walker of Serica Energy says that his company is posed to have more interaction with Iran after the successful venture of the North Sea, Rhum Gas Field. Tony Walker, the CEO of Serica Energy plc, a UK-based oil and gas company, says that if the project in Rhum Gas Field in North […]

Japan’s trade surplus fell sharply in November, the government said Monday, as the rising cost of oil and smartphone imports outweighed strong exports of cars and steel. The world’s third-largest economy logged a surplus of 113.4 billion yen ($1.0 billion), a 22-percent drop from a 146.5-billion-yen surplus a year earlier, according to finance ministry data. […]

TEHRAN- According to OPEC’s latest monthly report published on December 12, oil production in Iran stood at 3.818 million barrels per day (bpd) in November, falling 2000 bpd from 3.820 million bpd in October, based on secondary sources. The OPEC’s report also announced Iran’s oil output based on direct communication. It said the country’s oil […]

TEHRAN- South Korea imported 17 million tons, or 372,890 barrels per day (bpd), of Iranian crude oil during the first 11 months of 2017, with 36.5 percent rise from 12.45 million tons over the same period last year, according to the customs data. Although, South Korea’s imports of Iranian crude oil fell 9.5 percent in […]

TEHRAN – Iraqi Oil Minister Jabar al-Luaibi said on Sunday that a deal signed with Tehran to swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil is for one year. “This is an agreement for one year and then we will see after that whether […]

TEHRAN – Iran and Iraq have signed a deal to swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil. Based on the agreement signed on Friday by the two OPEC countries Iran will deliver its crude to Iraq’s southern ports, on the Persian Gulf, the […]

TEHRAN – Iran and Iraq have signed an agreement whereby the two neighboring countries would swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil, Iraqi Oil Minister Jabar al-Luaibi said. According to the terms of the agreement, Iran would deliver “oil of the same characteristics […]