Iran’s crude Oil

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Iranian crude oil production rising

 Country slowly opening the doors to would-be foreign investors.

By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   Oct. 17, 2016 at 8:04 AM

Iranian Oil Bijan Zanganeh says total oil production from the country is close to a pre-sanctions peak of 4 million barrels per day. Fil ephoto by Maryam Rahmanian/UPI
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TEHRAN, Oct. 17 (UPI) — With the door opening to foreign energy investors, Iran’s oil minister said the country’s total crude oil production is rising to pre-sanctions levels.

According to the Organization of Petroleum Exporting Countries, of which Iran is a member, secondary sources reported total crude oil production at around 3.7 million barrels per day, about a half percent higher than the previous month. According to Oil Minister Bijan Zanganeh, the figure was closer to 4 million bpd, a level he said was near Iran’s peak from before nuclear-related sanctions were enacted in 2012.

Iran did not report its production levels for September directly to OPEC, whose members are reviewing coordinating with non-member states to hold production levels steady. Iran in the past has expressed reservations about cooperating with such a deal, saying it needed to regain a market share lost to sanctions.

Zanganeh said production cuts were not a matter up for consideration and any concrete figures for Iran would be discussed when parties to an OPEC output proposal reached last month in Algeria meet next in November.

Iran told OPEC it produced 3.63 million bpd in August, about 10,000 bpd less than reported by secondary sources. Iran aims to boost crude oil production to around 5.7 million bpd by 2021.

Iran said it would start taking applications Monday for oil and gas projects from potential foreign suitors. The state-run National Iranian Oil Co. said companies interested in becoming qualified bidders have until Nov. 19 to submit their credentials.

Zangeneh said new deals with foreign companies could be signed by March under the new contract terms.

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Iran, Kenya to Bolster Cooperation in Oil, Energy


  • 20:04 (Friday, July 22, 2016)
  • TEHRAN, July 22 (Shana) – Kenyan Minister of Finance Minister Henry Rotich on Friday called for Iran-Kenya cooperation in oil and energy.
  • Rotich made the call in a meeting with Iranian Minister of Economy and Finance Ali Tayebnia on the sidelines of the Fourteenth session of the United Nations Conference on Trade and Development (UNCTAD 14) in Kenya, Nairobi, from July 17–22.
    The Kenyan Minister said his country wants to use Iran’s energy, oil, gas and refinery potential.
    He referred to recent excavations in oil reserves in Kenya and said regarding Iran’s skills in exploration and construction of refinery, it is important for Kenya to cooperate with the country.
    Tayebnia, referring to good diplomatic relations between Iran and Keyna, said regarding willingness of the two sides for having more extensive relations, volume of relations between the two countries stands at about 57 million dollars a year.
    He referred to Iran’s potential in refinery, oil exploration, power plant and dam construction and provided his host with necessary explanations for mutual cooperation.

Oil Derivatives’ Exports Via Shahid Rajaie Port Up by 62%


  • 09:52 (Wednesday, July 20, 2016)
  • TEHRAN, July 20 (Shana) – Director General of Hormuzgan Ports and Shipping Office Ebrahim Idani said on Tuesday that export of oil derivatives from Shahid Rajaie Port in the first quarter of the Iranian calendar year of 1395 (started on March 21) rose by 62 percent.
  • Idani said in the period under study, 19,916,136 tons of oil and non-oil commodities were loaded or offloaded, showing 34 percent increase in the period under study.

    He said 7,299,687 tons out of the total bulk of imports or experts were oil derivatives, showing 27 percent increase.

    He added that 2,128,040 tons of oil derivatives were exported from the port, showing 62 percent increase.

    The official said in the period, 1,033,288 tons of  oil derivatives were imported to the country through the port and 41,641 tons of such goods were transited.

Iran to supply LPG to Indonesia

Iran to supply LPG to Indonesia

Photo document of officers PT Pertamina Gas lift tube Bright 12 kg at FP LPG Tandem, Binjai, North Sumatra. (ANTARA/Irsan Mulyadi)
Jakarta (ANTARA News) – Indonesia is planning to import liquefied petroleum gas (LPG) from Iran amid a shortage of LPG supplies in various regions of the country.

The government, through state-owned oil and gas company Pertamina, is expected to import 588 thousand tons of LPG during the 2016 to 2017 period to reduce the scarcity of gas supplies in several regions.

A number of regions in the country have been running short of LPG supplies since early this month, particularly during and after the post-fasting Eid al-Fitr festivities, or Lebaran. The provinces of Bangkulu, Central Sulawesi, Southeast Sulawesi, and Central Java, among others, also faced LPG shortages. Pertamina will increase its supplies to regions facing LPG shortages.

Legislator Rofi Munawar of Commission VII on energy affairs of the House of Representatives had earlier called on the government to maintain stability in the stocks and prices of LPG and fuel oil during the Lebaran season.

“The government has stated on various occasions that it was ready to face the Lebaran festivities and anticipate any scarcities,” Rofi had noted in a press statement on Saturday (July 2).

Amid scarcities, the Energy and Mineral Resources (ESDM) Ministry will prioritize the distribution of subsidized gas in the three-kilogram cylinder category to the household and small and medium-scale enterprises (UMKM) consumers.

“This year, we are offering subsidy to household and UMKM consumers, and others, such as restaurants and hotels, should consume the non-subsidized LPG in the 12-kg cylinder category,” I Gusti Nyoman Wiratmaja, the director general of oil and natural gas of the ESDM, stated on Thursday (July 14).

In an effort to overcome the shortage of gas supplies, Pertamina will import gas from Iran. The national Iranian Oil Company will supply 88 thousand tons of gas in 2016 and 500 thousand tons in 2017 to Pertamina.

President Director of Pertamina Dwi Soetjipto said the memorandum of understanding (MoU) on the gas business deal is expected to be inked this month or in August. Both sides will carry out due diligence on oil and gas blocks in Iran.

Iran to Release Vendor List of Foreign Investors in Oil Sector

  • Shana News Agency
  • 12:50 (Monday, July 18, 2016)
  • TEHRAN, July 18 (Shana) – Managing director of National Iranian Oil Company (NIOC) said the company is preparing the preliminaries for issuing the first tender based on newly-developed oil contracts to develop the country’s oil and gas fields, adding the company will release a vendor list of eligible international energy companies for developing the fields.
  • Ali Kardor said on Monday that a call for identifying international companies active in oil and gas fields will be issued in the near future and the Iranian Ministry of Petroleum’s list of the candidates will be released in a short time.

    Speaking at a gathering of the Development and Engineering Department of NIOC with developers of West Karoon, South Pars and Naft Khazar oil and gas fields, the official said: “Not all foreign companies active in oil industry can partake in Iran’s tenders, so only those international companies that meet NIOC’s standards will be chosen.”

    He said after their choice, companies can partake in tenders by NIOC.

    He said E&P and IOC companies will be the first companies to be allowed in tenders.

    Kardor said disregarding American companies, there are 37 companies in the world that meet the required standards for taking part in NIOC tenders.

    He said NIOC will issue a vendor list within the next two months.

Iran’s crude oil price below $45 in a week

| Hellenic Shipping News Worldwide

Iran’s crude oil price below $45 in a week

crude_oil_price.jpgIran sold light crude oil at $44.68 per barrel in the week ended on July 8, a 53-cent drop from its previous week, according to the Shana news agency.

The country’s light oil price stood at $36.98 on average since the beginning of the current Iranian calendar year (March 20, 2016).

Also, Iran sold heavy crude oil at $42.83 in the mentioned week, with 41 cents decrease from its preceding week.

The country’s heavy oil price stood at $34.63 on average since the start of this calendar year.

Meanwhile, Organization of Petroleum Exporting Countries (OPEC)’s basket price was $44.31 per barrel on average in the week ended on July 8, with 95 cents fall from its preceding week.

Iran has regained about 80 percent of the market share it held before the U.S. and European Union tightened sanctions on its oil industry in 2012, Mohsen Ghamsari, National Iranian Oil Company (NIOC)’s director of international affairs, said on July 11, Bloomberg reported.

The country exports about 2 million barrels of its daily output of 3.8 million, the official added.

Sanctions were eased in January, and Iran plans to double crude exports.

“Our exports peak is above 4 million barrels a day, and we have plans for that and are waiting for the right conditions,” Ghamsari said in an interview in Tehran, without elaborating on the timing for such an increase.

The Persian Gulf nation is seeking more than $100 billion in investment from international partners to upgrade its oil industry and reclaim its position as the second-biggest producer in the Organization of Petroleum Exporting Countries, after Saudi Arabia. Iran targets 5.8 million barrels a day in combined production of crude and condensates by 2021. It defied skeptics with a 25 percent surge in production so far in 2016 and aims to reach an eight-year high for daily output of 4 million barrels by the end of the year.
Source: Tehran Times