News ID: 193545
Published: 0634 GMT May 26, 2017

Iran's oil output increases

Iran's oil output increases

Iran's oil and gas condensate output increased by 600,000 barrels per day (bpd) to 4.3 mbd in February 2017, compared to the amount for the same month last year, US Energy Information Administration reported on Friday.

According to the report, Iran's oil output remained unchanged in February month-on-month, Trend News Agency reported.

Iran's average oil output increased by 232,000 b/d and 1 mbd compared to 2016 and 2015 respectively.

The report didn't mention the volume of crude oil and gas condensate output separately, but Iran's crude oil production stood at 3.79 mbd during February based on OPEC estimates.

Extension of the deal is in favor of Iran since the country plans to increase its oil output from new fields by 0.35 mbd, while its oil output would decrease by 0.3 mbd from old fields during the year which started on March 21.

Iran has signed a flurry of deals with Western companies over the past year since the easing of international sanctions on Tehran after an accord was reached over its nuclear program.

Iran needs foreign investment to repair and upgrade its oil and gas fields. It also seeks the transfer of technology to its oil industry after a decade of sanctions.

Shell signed a provisional deal in December to develop Iranian oil and gas fields South Azadegan, Yadavaran and Kish in December 2016.

Iran has named 29 companies from more than a dozen countries as being eligible to bid for oil and gas projects using the new, less restrictive contract model.

The firms include Shell, France's Total, Italy's Eni, Malaysia's Petronas and Russia's Gazprom and Lukoil, as well as companies from China, Austria, Japan and other countries.

Russia's Zarubezhneft signed an MoU to conduct feasibility studies on two joint fields in the west of the country.

Norway's International Aker Solutions Company signed an MoU to modernize Iran's oil industry.

Last May, Austria's OMV signed an MoU for projects in the Zagros area in western Iran and the Fars field in the south.

South Korean Daewoo Engineering and Construction (Daewoo E&C) signed an MoU to construct an oil refinery in Bandar Jask, on the southern coast of Iran.

Italy's Saipem signed MoUs to cooperate on pipeline projects, upgrading of refineries and development of Tous gas field in the northeastern province of Khorasan Razavi.

Norwegian oil and gas company DNO said it was the second Western energy company after Total to sign a deal with Iran under which it agreed to study the development of the Changuleh oilfield in western Iran.

Lukoil, Russia's second biggest oil producer, hopes to reach a decision on developing two new oilfields in Iran.

Germany's Siemens AG signed an MoU in May to overhaul equipment and facilities at Iran's oil operations and refineries.

BASF's Wintershall oil and gas exploration subsidiary signed an MoU with the National Iranian Oil Company in April 2016.

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