The CEO of the National Iranian Drilling Company (NIDC), Mehran Makvandi, announced that two wells in Lali oilfield, codenamed 37 and 38, have been put into operation for field testing by Masjed Soleiman Oil and Gas Exploitation Company.
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Brent crude fell 26 cents, or 0.38 percent, to $67.69 a barrel, while U.S. West Texas Intermediate futures fell 28 cents, or 0.44 percent, to $63.77.
Haldia Petrochemicals, one of India's biggest petrochemicals companies, looks to raise trading volumes by 30% and hire more traders as it expands in the key Asian petrochemicals market, sources with knowledge of the plans told Reuters on Wednesday.
TotalEnergies has signed four production sharing contracts (PSC) with the Liberia Petroleum Regulatory Agency for the LB-6, LB-11, LB-17 and LB-29 offshore exploration blocks, which were awarded under the 2024 Direct Negotiation Licensing Round.
Iran’s reliance on natural gas for about 73% to 74% of its energy mix is unprecedented worldwide and poses long-term risks, the head of the National Iranian Gas Company said.
Brent crude futures fell 33 cents, or 0.5 percent, to $68.14 a barrel, while U.S. West Texas Intermediate crude futures fell 32 cents, or 0.5 percent, to $64.20 a barrel.
Natural gas is projected to be the only fossil fuel to expand its share in the energy mix of the United States, China, and India by 2050, according to S&P Global Commodity Insights, which highlights gas as a critical bridge fuel in the global shift from coal to renewables.
The United States has announced new Iran-related sanctions, targeting what it has described as a network of “shadow banking” that has facilitated financial transactions resulting from Iran’s oil sales and other activities.
The National Iranian Gas Co. is accelerating strategic projects and boosting efficiency at South Pars refineries to ensure stable gas production during the cold season, a senior official said.
Brent crude futures fell 20 cents, or 0.3 percent, to $67.24 a barrel, while U.S. West Texas Intermediate crude fell 19 cents to $63.11, also down 0.3 percent.
Ukraine is restricting imports of diesel from India due to India's continued purchases of Russian crude, which holds about a third of total Indian oil imports.
Daily oil production in Iran has increased by 3,000 barrels following the launch of well Fahliyan-52 at the South Azadegan field, raising the field’s total output to 61,900 barrels per day, Petropars Group said.
The energy optimization director of the National Petrochemical Company announced that 1.7 billion cubic meters of gas have been saved over the past four years through efficiency projects.
National Iranian Gas Company CEO Saeid Tavakoli said standardizing industries is essential to prevent so-called virtual gas exports.
Brent crude futures rose 32 cents, or 0.5 percent, to $67.31 a barrel, while U.S. West Texas Intermediate crude rose 32 cents, or 0.5 percent, to $63.01 a barrel.
Iran increased natural gas delivery to its power plants by 2 billion cubic meters during the first half of the current Iranian year (started March 21), with total deliveries reaching 47.4 billion cubic meters.
US President Trump imposed a 50% tariff on India for Russian oil, causing a rift between the two countries, justifying the move to curb Russia's finances.
Kazakhstan continues to seek imports of petrochemical products, including from Iran, despite its own investment in domestic production, according to Iran’s commercial attaché in the country.
The head of Iran’s National Petrochemical Company stressed the need to promote energy conservation, saying the petrochemical industry plays a key role in creating value from natural gas through feedstock use and value-chain development.
Iran’s Oil Ministry has established a special task force aimed at improving oil and gas production methods and tools, as well as developing enhanced recovery technologies, a senior official announced.