Iran signs agreement with British consortium to develop oil

17/05/2018 13:12 Oil Market

news

TEHRAN, Iran: Iranian state TV is reporting that Tehran has signed an agreement with a British consortium to develop an oil field in the country’s south.

The agreement is the first between Iran and a key Western ally of the US since Washington last week announced it will pull out of the landmark 2015 nuclear deal between Iran and Western powers.

 

Managing Director of Pergas International Consortium Colin Rowley, and Bijan Alipour, managing director of National Iranian South Oil Co., signed a preliminary deed on the partnership in the presence of British Ambassador Rob Macaire in Tehran on Wednesday night.

 

The project, if the agreement turns into a contract, will require more than $1 billion to produce 200,000 barrels of crude oil per day during the next decade in the 55-year old Karanj oil field.

Source: arabnews.com

EU and Ukraine in tug of war over Naftogaz unbundling

19/07/2018 09:46:00

The European Commission has repeated its insistence on breaking up the Ukrainian national gas and oil monopoly Naftogaz, separating transmission from production and supply, which the country had agreed to as a condition for receiving massive Western financing. Vice President Maroš Šefčovič, in charge of the EU’s Energy Union, is in talks in Berlin with Russian and Ukrainian counterparts to try to solve disputes over future Russian gas shipments via Ukraine.

<READ MORE

Investment in new nuclear declines to five-year low

19/07/2018 09:39:00

Global energy investment fell for the third consecutive year in 2017, according to the International Energy Agency (IEA). Investment in nuclear power declined by nearly 45% last year to USD17 billion. Although spending on new reactors reached the lowest level in five years, investment on upgrades of existing units increased.

READ MORE

EIB to back renewables in Belgium, Spain, Portugal

19/07/2018 09:32:00

The European Investment Bank (EIB) has approved more than EUR 3.4 billion (USD 3.96bn) in financing for clean energy projects globally, among which is an offshore wind farm in Belgium.

READ MORE