Oil Search reports that as at 06:00 hours KRI time on 23 May, the Taza 1 ST2 well was at a depth of 3,351 metres and undertaking a well test on the open hole section, which includes the Euphrates Formation. The initial results of the test, which has included acid stimulation, indicate a significant improvement in flow rates to those seen in the previous test.
Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) was awarded by ADMA-OPCO(1) a lump-sum turnkey contract for the engineering, procurement, construction, pre-commissioning, commissioning and start-up assistance for flares modification and revamp project on Das Island. Das Island is located 290 kilometers offshore Abu Dhabi, United Arab Emirates, in the Gulf.
Noble Energy, Inc. (NYSE: NBL) announced a natural gas discovery at the Karish prospect offshore Israel.
WesternZagros Resources Ltd. (TSX VENTURE:WZR) has started its latest Garmian Block drilling program in the Kurdistan Region of Iraq.
Marine-1 drilling rig is set to start drilling 12 wells in phase 20 of the South Pars gas field after completing its operations in the oil layer of the field, Managing-Director of the International Drilling Company Pourya Pornouri said. The Marine-1 drilling rig should drill 12 wells in Phase 20 of South Pars in its new mission, Pornouri said.
Oil Refineries Ltd. (TASE: ORL.
Newpark Resources, Inc. (NYSE: NR) announced that it has been awarded and has entered into a contract with the Kuwait Oil Company to provide drilling fluids and related services for land operations.
The well was drilled to a total depth of 1,530 meters and intersected the Qishn formation, on prognosis, at 1,369 meters. Based on drilling and petro-physical data, the well encountered 15 meters of gross oil pay (10.
For decades the Iranian oil industry has been the envy of oil producing nations around the globe. It is a key oil producing nation with a fascinating past and a very relevant role to play in the industry in the future.
Delek Group (TASE: DLEKG, OTCQX: DGRLY) further to section 1.11.
Despite its well documented problems, Iraq remains a global oil heavyweight. The Middle Eastern nation was one of the OPEC (Organisation of the Petroleum Exporting Countries) founding nations and to this day continues to be the international group's second largest producer.
Gulf Keystone, a leading independent E&P operator in the Kurdistan Region of Iraq, is pleased to provide an update on its four blocks in the Kurdistan Region of Iraq, including the world class discoveries at Shaikan and Sheikh Adi, as well as Akri-Bijeel and Ber Bahr. Background With the Shaikan commercial discovery alone, Gulf Keystone has one of the world's largest onshore conventional oil & gas developments with a Pmean 13.
The Ministry of Oil and Minerals in Yemen, in March 2013, has invited tenders from oil and gas exploration companies for opportunities in 20 offshore and onshore open blocks. Of the 20 blocks, 11 are offshore and 9 are onshore, with a combined area of 222,812 square kilometres.
The Ministry of Petroleum and Natural Resources (MPNR), on behalf of the Government of Pakistan, invited bids for 60 onshore exploration blocks on 11 October 2012. The PEPC 2012 licensing round attracted 98 bids for 50 out of the 58 blocks on offer.
DNO International ASA, the Norwegian oil and gas company, released its Annual Statement of Reserves setting total remaining proved and probable (2P/P50) reserves at 520.3 million barrels of oil equivalent (MMboe) on a company working interest (CWI) basis as at yearend 2012.
Oil Search reports that as at 06:00 hours KRI time on 24 April, the Taza 1 ST2 well was at a depth of 3,351 metres and undergoing a well test of the Euphrates Formation and part of the Dhiban Formation. The well test, which is being conducted in a 4-1/8' hole, commenced on 20 April.
Aberdeen-based Dana Petroleum has appointed Paul Barnett as the new Managing Director of its Egypt business. Paul took up his new position on 15 April.
The minister who was speaking to reporters at Tehran's Oil and Gas Show also stressed on political and security significance of Iran's gas exports to neighboring states. The minister said Iran continues to sell its crude oil despite international sanctions on its energy sector.
Zion Oil & Gas, Inc. (Nasdaq:ZN) announced that, on April 16, 2013, Zion submitted to Israel's Petroleum Commissioner and other Ministry officials an application seeking a Petroleum Exploration License in the Megiddo-Jezreel Valley area, onshore Israel, covering an area of approximately 98,000 acres.
Iran is to start producing crude from an oil layer in the South Pars gas field soon, the director of the National Iranian Oil Company (NIOC) said on Thursday. "Production from the oil layers of South Pars is an important project which will help the country raise its crude oil production in the future," Ahmad Qalebani was quoted by Iran's oil ministry news service as saying.
GDF SUEZ, together with its partners, has fully commissioned 3,217 MW of power generation capacity in the Middle East during the last month after three gas-fired power plants, Barka 3 and Sohar 2 in Oman as well as Riyadh PP11 in Saudi Arabia, reached commercial operation on schedule. The Group is the leading independent power generator in the region, with interests in 25,000 MW of operating capacity in the Gulf Cooperation Council (GCC) countries.
Tethys Oil has published its annual report for 2012 and communicates strategic and financial goals and a new dividend policy. Vision and strategy Tethys Oil shall have a well balanced and self financed portfolio of oil and natural gas assets.
The Manifa field's production capacity is expected to reach 500,000 bpd by July 2013, and is planned to reach its full design capacity of 900,000 bpd of Arabian Heavy crude oil by the end of 2014, while Saudi Aramco's maximum sustained capacity will be maintained at the level preceding Manifa production. Last October, His Excellency Ali I.
Tethys' share of the production, before government take, from Blocks 3 and 4 onshore the Sultanate of Oman amounted in March 2013 to 123,751 barrels of oil, corresponding to 3,992 barrels of oil per day (bopd). The total production from Blocks 3 and 4 amounted in March to 412,502 barrels of oil, corresponding to 13,307 bopd.
Iran started drilling four wells at the offshore section of the phase 1 of the South Pars gas field, IRNA quoted National Iranian Drilling Company official Mohammadreza Takaidi as saying. South Pars Oil and Gas Company will drill the wells within 280 days, he noted.
Technip was awarded by the Bahrain Petroleum Company B.S.
CGG announced that three acquisition crews operating in Saudi Arabia on behalf of Saudi Aramco have achieved impressive safety records. Two OBC crews have completed six million and five million man-hours of continuous operations without a Lost Time Incident (LTI) respectively while a third vibroseis crew has crossed the milestone of seven million man-hours of continuous operations without LTI.
Petrofac is pleased to announce that Petrofac Emirates, its Joint Venture with Mubadala Petroleum, has been awarded a contract by Zakum Development Company (ZADCO) for the Upper Zakum, UZ750 field development in Abu Dhabi. The contract is worth approximately US$3.
The Anglo-Turkish oil and gas independent, Genel Energy, today announced that the first of five exploration wells it plans to drill this year in the Kurdistan Region of Iraq has made a significant oil discovery. The Company said the Chia Surkh 10 well was drilled to a depth of 1,696 metres in the Oligo-Miocene section, and, in tests extending over several days, flowed at up to 11,950 barrels of oil a day and 15 million cubic feet of gas.
Valeura Energy Inc. (TSX: VLE) announce that it has been awarded a new exploration licence (Banarli Licence 5104) on a 100% working interest basis in the Thrace Basin of northwest Turkey.
McDermott International, Inc. (NYSE: MDR) announced that one of its subsidiaries has been awarded two projects for a customer in the Arabian Gulf.
Noble Energy, Inc. (NYSE: NBL) announced that the Tamar natural gas field offshore Israel has been successfully brought online with all five of the subsea wells now producing at stable rates totaling approximately 300 million cubic feet per day (MMcf/d).
OMV, an integrated, international oil and gas company, announces the completion of important milestones in the Kurdistan Region of Iraq. An extended well test (EWT) commenced production from the Bina Bawi-3 well on March 20, 2013.
Genel Energy plc notes that OMV, as operator of the Bina Bawi field in the Kurdistan Region of Iraq, has today issued the following press release: "An extended well test ("EWT") commenced production from the Bina Bawi-3 well on March 20, 2013. Furthermore the contractor group has submitted a Declaration of Commerciality for the field to the Ministry of Natural Resources of the Kurdistan Regional Government (KRG).
Petrofac has been awarded an engineering, procurement, installation and commissioning (EPIC) contract by Abu Dhabi Marine Operating Company (ADMA-OPCO) for Satah Al Razboot (SARB) package 3 project, offshore Abu Dhabi. The US$500 million competitively tendered contract will commence shortly and will be delivered by April 2016.
The diplomatic war of independence between Iraq and its northern region Kurdistan is escalating rapidly, with the flashpoint for armed conflict being the Kirkuk oilfield on the boundary between the two sides. While both sides have pulled back some of their troops poised for conflict recently, 2014 could be decisive as Iraqi Kurdistan plans to ramp up exports directly to Turkey, bypassing Baghdad.
Dana Gas PJSC, the Middle East's leading private-sector natural gas company, and Crescent Petroleum, the Middle East's oldest private oil and gas company, in their capacity as joint operators, have announced that the total investment on behalf of the partners in gas operations in the Kurdistan Region of Iraq has exceeded US$1 billion. Total cumulative petroleum production from inception to date has now reached 79 million barrels of oil equivalent from continuous production from the Kor Mor field for the past four and a half years, making it the largest investment and highest level of cumulative production achieved by private companies in Iraq's oil and gas sector.
ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM) is pleased to announce its financial and operating results for the year ended December 31, 2012.
The Dubai Natural Gas Company Limited (DUGAS) contracted Tebodin for the detailed design of the expansion of the Methyl Tertiary Butyl Ether (MTBE) plant. The consulting and engineering firm also received a contract for the preparation of the Front End Engineering Design (FEED) and Engineering Procurement Construction (EPC) tender package for the additional butane storage facility.
Ahmadinejad and Zardari attended the ceremony on the Iran-Pakistan border on Monday. Iranian Oil Minister Rostam Qasemi and Iran's Foreign Minister Ali Akbar Salehi also attended the ceremony, which marks the start of the construction of the pipeline, intended to transfer natural gas from Iran to energy-hungry Pakistan.
Tethys' share of the production, before government take, from Blocks 3 and 4 onshore the Sultanate of Oman amounted in February 2013 to 112,135 barrels of oil, corresponding to 4,005 barrels of oil per day (bopd). The total production from Blocks 3 and 4 amounted in February 2013 to 373,784 barrels of oil, corresponding to 13,349 bopd.
Afren plc announces an update on the on-going testing programme on the Hunt Oil Middle East (HOME) operated Simrit-2 well, yielding incremental flow rates of 5,368 bopd, with a cumulative rate of 18,952 bopd from six of the 12 zones tested. Following the conclusion of drilling operations at the Simrit-2 well, located on the northern part of the Ain Sifni PSC, Kurdistan region of Iraq, the Partners have successfully completed three further DSTs in the Jurassic Mus, Adiayah and Butmah formations yielding incremental flow rates of 5,368 bopd of 21o API oil using the Hitech-3 rig.
Adira Energy Ltd. announces today the resignation of Ms.
Noble Energy, Inc. (NYSE: NBL) announced results from its second Leviathan appraisal well located in the Rachel license offshore Israel.
The production testing of the exploration well B4EW4 on Block 4 onshore the Sultanate of Oman has been completed. The well flowed at a combined rate of close to 3,000 bopd on a 36/64 inch choke from the Buah and Khufai sections.
Enegi, the independent oil and gas company, is pleased to announce that yesterday, at a meeting which was chaired by Prime Minister Abdullah Ensour, the Cabinet approved a co-production agreement with Korea Global Energy Corporation ("KGEC") for oil exploration in the Dead Sea and Wadi Araba areas. KGEC will carry out its exploration works over a 6,819-square-kilometre area in three phases.
Offshore Solutions BV (OSBV), the joint venture between AMEC and Cofely Nederland NV, continues to build on recent successes in The Gulf, after being awarded a Variation Order (VO) to its existing contract with Qatar Shell GTL Limited (Shell Qatar) for a second Offshore Access System (OAS), bringing its operational units with oil and gas majors in the region to three. The latest addition is to support Shell Qatar's Wells Reservoir Management Campaign and will see an OAS unit deployed on the Halul 50 multi purpose offshore vessel for a period of seven months with a possible option to extend.
Mr Zirakchianzadeh said that the development projects of 17 joint oil and gas fields of the country are managed by IOOC. About USD 28 billion worth of agreements have been signed in the upstream sections of the oil industry since the year to March 2007 till now.
Genie Energy (NYSE: GNE, GNEPRA), said that the government of Israel has awarded its subsidiary, Genie Israel Oil and Gas, Ltd., an exclusive petroleum exploration license covering 396.
Terra Energy & Resource Technologies, Inc. (PINK: TEGR), a natural resource exploration technology company, has been granted a services contract by Kuwait Oil Company (KOC) for oil and gas exploration in Kuwait.
Tethys Oil's net working interest reserves in the Sultanate of Oman as per December 31, 2012, amounts to 14.3 million barrels of oil (“mmbo”) of proven and probable reserves.
According to Shana, the first round of gas talks has started today morning between Iranian minister of petroleum, Rostam Qasemi and Asem Hosain, advisor to Pakistan PM on energy and natural resources. Iranian minister of petroleum is also to visit Pakistan's prime minister and the president of the country to deliver Iranian president message to his Pakistani counterpart.
Gulf Keystone (LON:GKP) - More Oil Discovered, But it's not the Value Driver: Today's announcement that the Company has intersected oil at the Bakrman-1 exploration well is positive but reserves are not what is driving the share price at the moment. While the size hasn't been disclosed, we believe this to be a target in excess of 150mm bbl, so more than big enough to be a standalone development.
Gulf Keystone notes today's update by MOL Hungarian Oil and Gas Plc., the operator of the Akri-Bijeel Block in the Kurdistan Region of Iraq (in which Gulf Keystone has a 20 per cent working interest), on its extensive exploration and appraisal programme.
The head of Pars Oil and Gas Company (POGC) says Iran has increased the production capacity of the giant offshore South Pars gas field by 20 percent over the past two Persian calendar years (since March 2011). Mohammadreza Zahiri said on Saturday that the POGC has also increased the number of drilling rigs in the South Pars gas field from nine to 15 over the past year.
Oil Search reports that as at 06:00 hours KRI time on 14 February, the Taza 1 ST2 well was at a depth of 3,260 metres and acquiring an intermediate logging programme prior to running an open-hole test. During the week, 14 metres of 6' hole was drilled.
This article is by Behrooz Esrafili-Dizaji (ESRAFILI@Khayam.ut.
The production from Blocks 3 and 4 onshore the Sultanate of Oman amounted in January 2013 to 400,545 barrels of oil, corresponding to 12,921 barrels of oil per day (bopd). Tethys' share of the production, before government take, amounts to 30 per cent of the total, or 120,164 barrels corresponding to 3,876 bopd.
The exploration well B4EW4 onshore Oman has drilled to a final total depth of 3,030 metres. Wireline logging operations has been completed and a testing program has commenced.
Further to the announcement on January 31, 2013, Adira Energy Ltd. announces that it is suspending operations on the Gabriella License due to lack of funding and lack of reasonable expectation of funding by certain parties sufficient to pursue the current work program; lack of agreement among the License holders regarding how to proceed under the circumstances; and due to the fact that Modi'in Energy L.
Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) has been informed by the operator of the Gabriella License Offshore Israel, Adira Energy Israel Ltd.
WesternZagros Resources Ltd. (TSX VENTURE:WZR) has conducted further analysis of the results from the Kurdamir-2 well and provides a revision of its resource estimates for the Oligocene reservoir in the Kurdamir Block, as well as an update for the adjacent Oligocene reservoir in the Baram prospect on the Garmian Block.
Sonoro Energy Ltd. (TSX-V: SNV) announce the following operational and corporate updates.
In Part 1 of our story on Turkey, contributing editor Jen Alic reviewed the country’s intriguing onshore and offshore oil potential. Today in Part 2, we’ll look at where the Big Prize lies: the Dadas Shale—a huge unconventional shale play—and which Canadian-listed junior producers may be best positioned in this emerging play.
Oil Search reports that as at 06:00 hours KRI time on 7 February, the Taza 1 ST2 well was at a depth of 3,251 metres and drilling ahead in a 6' hole towards the Euphrates Formation. Progress for the week was 197 metres.
Speaking on the sidelines of the 9th International Energy Exhibition in Kish Island, Alireza Qanei, said that Iran's Offshore Oil Company (IOOC) plans to start early production from the giant gas field. He estimated in situ gas reserves of Kish field at 60 tcf, equivalent to six phases of South Pars gas field reserves.
Islamic Republic of Iran's annual oil revenue hit 110 billion dollars during last Iranian calendar year, ended 20 March 2012, an unprecedented figure since the establishment of National Iranian Oil Company (NIOC). NIOC's managing director, Ahmad Qalebani, made the remarks adding production and export of crude hit the highest level in view of value last year adding all oil industry indexes were satisfactory including productivity, investment and production.
Petroceltic International plc, the upstream oil and gas exploration and production company focused on North Africa, the Mediterranean and Black Sea regions, today provides an update on its Egyptian exploration and development activities. Drilling operations on the Mesaha-1 frontier exploration well in southern Egypt have been completed by the EDC-9 rig and the well reached a total depth of 6,985 feet.
In December 2012, Ganoub El Wadi Petroleum Holding Company (Ganope) launched an international licensing round for 20 exploration blocks in the Arab Republic of Egypt. Qualified oil and gas companies are invited to bid for Production Sharing Agreements for the blocks in the Western Desert, Eastern Desert, Red Sea and the Gulf of Suez.
As previously announced on December 24, 2012, Adira Energy Ltd. entered into an Agreement with Modi'in Energy L.
Sterling Energy Plc (AIM: SEY), an oil company with interests in Africa and the Middle East, announces the following update for the Sangaw North Production Sharing Contract ("PSC") in Kurdistan. Interpretation of the 2D seismic data acquired in the Sangaw North PSC during 2012 has indicated that the remaining potential is insufficient to justify drilling a second exploration well in the contract area.
TransGlobe Energy Corporation (TSX:TGL) (NASDAQ:TGA) ("TransGlobe" or the "Company") today announced its 2012 year-end contingent resources. In addition the Company is pleased to announce the results of an independent prospective resource evaluation of 38 individual oil prospects located in the Egyptian Western Desert within the South Alamein (100% WI), South Mariut (60% WI) and East Ghazalat (50% WI) exploration concessions.
Dana Petroleum has been given the go-ahead by the Egyptian government to further develop the Nefertiti oil field in the Gulf of Suez following the successful completion of an appraisal well. The Aberdeen-based oil and gas company, in partnership with INPEX, successfully drilled the exploration well Nefertiti-2X at the end of 2012.
Candax Energy (TSX:CAX) announces that its initial geosciences study on its deep Triassic play in the south of the Gulf of Gabes in Tunisia is complete. Based on the currently available data and given the range of uncertainties, especially regarding the depth of the reservoir top, the geosciences team has come to the conclusion that this play lacks sufficient evidence to recommend drilling a test well.
On the surface, Turkey has everything going for it in oil and gas. Onshore, it’s under-explored with one of the top international shale plays—the Dadas Shale—about to get tested for the first time with new technology.
Winstar Resources Ltd. (TSX: WIX) reports that approximately 1,100 barrels of oil equivalent per day ("boepd") (of a total 1,300 boepd of net production) derived from its 100% owned and operated Sanhrar, Chouech Essaida and Ech Chouech Concessions has been shut-in since January 16, 2013 due to safety and security concerns related to labour disputes.
WesternZagros Resources Ltd. (TSX VENTURE:WZR) announce a fourfold increase in the Company's contingent resource estimates at the giant oil discovery on the Kurdamir Block in the Kurdistan Region of Iraq.
The Board of Directors of Frontier Resources International (ISDX: FRGP), the Middle East and Southern Africa focused exploration company is pleased to announce that on 25 November 2012, his Majesty Sultan Qaboos, issued a royal decree endorsing the recently signed Exploration and Production Sharing Agreement (EPSA) over Block 38 in southern Oman. As part of its initial evaluation of the block and in preparation for the Company's move to London's AIM, Frontier retained SLR Consulting to prepare a Competent Persons Report (CPR) on the area.
Managing Director of Pars Special Economic Energy Zone (PSEEZ) Massoud Nasouri hailed Iranian experts and engineers for their efforts towards self-sufficiency, and said that a big portion of the parts and equipment used in the South Pars industries are home-made. "60 percent of South Pars industrial parts are produced by capable experts and Iranian knowledge," Nasouri said, addressing the opening ceremony of an oil, gas and petrochemical exhibition in the Southern Iranian city of Bushehr on Sunday.
Dragon Oil plc (Ticker: DGO), an international oil and gas exploration, development and production company, announces that today the Iraqi Ministry of Oil and the Tender Committee signed the final service contract with a consortium of companies, including Dragon Oil, for the exploration, development and production for Block 9 in Iraq. Dragon Oil bid jointly with Kuwait Energy in respect of Block 9.
Reuters has reported that it was told by National Oil Corporation (NOC) officials that Libya will not reveal the details of its oil sales this year. This is a step back from pledges to deliver greater transparency after the corruption of the pre-revolutionary regime.
Oil Search reports that as at 06:00 hours KRI time on 24 January, the Taza 1 ST1 well was at a depth of 3,238 metres and preparing to cut the drill string. During the week, while pulling out of the hole, the drill-string became stuck and attempts to free it were unsuccessful.
The official data indicated that Iran is recovering 285 to 300 million cubic meters (mcm) of natural gas from the massive field, divided into 28 phases. The daily gas recovery would soar past 700 mcm after the development of all phases.
Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewables industry, announces the completion of construction of the jackup rig 'Greatdrill Chaaya' and its delivery to Greatship Global Energy Services Pte. Ltd.
Genel Energy announces that closing has taken place on its acquisition of the remaining 49 per cent participating interest in the Miran exploration block in the Kurdistan Region of Iraq (the "Miran Block"). On 12 November 2012, Genel Energy announced that Heritage Oil Plc ("Heritage") issued the Exchange Repayment Notice signifying its intention to repay the $294 million loan made by Genel Energy to Heritage in August 2012 through the transfer of Heritage's remaining 49 per cent participating interest.
Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, today announces that it has completed the previously announced disposal of the remaining 49% interest in the Miran Block in the Kurdistan Region of Iraq ("Kurdistan"). On 12 November 2012, Heritage issued the Exchange Repayment Notice signifying the intention to repay the $294 million loan made by Genel Energy plc to Heritage in August 2012 through the transfer of Heritage's remaining 49% participating interest.
Iranian gas processing plants have processed more than 136 billion cubic meters of gas since the beginning of current Iranian calendar year, 20 March 2012, up by 5 percent against similar period last year. Dispatching department manager at National Iranian Gas Company (NIGC), Hasan Montazer Torbati, made the remarks adding the volume has been transferred to consumption destinations across the country through 35 thousand kilometers of high-pressure gas grid and 70 boosting gas pressure stations.
Iraq's Kurdistan has defended its oil policy with foreign companies and its crude trade barter with Turkey as constitutional. It has also rejected an initial deal between Baghdad and BP to develop an oilfield in the disputed city of Kirkuk.
Genel Energy plc issues the following trading and operational update in advance of the Company's 2012 full year results, which are scheduled for release on 28 February 2013. Information contained within this release is un-audited and may be subject to further review.
The production from Blocks 3 and 4 onshore the Sultanate of Oman amounted in December 2012 to 456,762 barrels of oil, corresponding to 14,734 barrels of oil per day (BOPD). Tethys' share of the production, before government take, amounts to 30 per cent of the total, or 137,029 barrels.
MENA Hydrocarbons Inc. (TSX VENTURE:MNH) is pleased to announce the following operational update.
The company saw significant demand for a range of its services in the region, particularly its Drill Stem Testing (DST) and Meters offerings, and has a healthy order book for next year. It also anticipates enhanced activity for its Early Production Facilities (EPF) business in the year ahead.
Petroleum ministry's spokesperson, Alireza Nikzad Rahbar, made the remarks today at a press conference adding a 56-inch gas pipeline that starts from Assaluyeh, onshore installations of South Pars Gas Field, will reach Iran-Iraq border to feed three gas-burning power plants in the neighboring country. Iran and Iraq have taken some steps for construction of the pipeline, Nikzad said adding in near future a three lateral meeting in Baghdad will draft necessary program for extending the pipeline to Syria soil.
A statement, published late on Sunday by the emirate's Executive Council, has said that Abu Dhabi plans to spend 330 billion dirhams ($90 billion) on development projects over the next five years. "The allocations .
Yemen's main crude export pipeline was blown up by unknown attackers on Thursday morning, according to government and oil industry officials. Flows of oil through the pipeline have stopped.
Addressing Sunday at the fifth conference on promoting financing system in Iran, Iranian minister of petroleum, Rostam Qasemi, made the remarks adding the country with enormous opportunities in oil and gas industry has great potentials for making progress. Qasemi said boosting investments in the country is an inevitable issue adding the country should invest as much as 400 billion dollars, especially in upstream sector, to achieve its targets under the fifth five-year development plan.
Iranian minister of petroleum made the remarks in Kharg Island during his today visit to a NGL project adding Supreme Leader of the Islamic Revolution and Iranian president are pursuing the issue closely and that is why special attention has been paid to development of these fields. Qasemi reported of starting development of many oil and gas fields in border areas expressing hope oil industry efforts to bear fruit in near future by starting oil and gas production.
Oil Refineries Ltd. (TASE: ORL.