Gulf Oil and Gas accountACCOUNT

30 Companies Bid for New Oil Development Contracts in Iran

Source: Bloomberg 9/12/2004, Location: Asia

Share |
Royal Dutch/Shell Group, Europe's second-largest oil company by market value, bid last month to develop new oil fields in Iran as its existing development contracts run out, a Shell spokesman said.

The Iranian National Oil Co., the second-largest state-owned oil company in the Middle East, said last week it was reviewing bids by foreign companies to explore and develop 16 potential oil fields. More than 30 companies bought the tender documents for the developments, Middle East Economic Digest reported on Sept.3, without saying how it got the information. Shell and China Petroleum & Chemical Corp., known as Sinopec ``bid together in the current exploration round in Iran where we see a number of business opportunities in the longer term,'' Shell spokesman Simon Buerk said in a telephone interview from London. ``Sinopec is a fast-growing international player and together we are pursuing a number of other opportunities.''

Shell is trying to boost oil reserves and production after revealing earlier this year it had wrongly categorized more than a fifth of its holdings as proved reserves. The U.S. Federal Securities & Exchange Commission allows companies to book oil supplies held under Iranian buy-back agreements even though Tehran forbids foreign companies from owning reserves, which are considered a national resource.

The development of the Soroush and Nowruz offshore oil fields, Shell's only existing oil holdings in the Middle East's second-largest oil producing country, are scheduled to reach total production capacity of 190,000 barrels a day by the end of the year, Buerk said. Shell also owns a 25 percent share in the Pars Oil Co., which produces and markets lubricants in Iran.

Sinopec, Asia's largest refiner, four years ago signed a strategic alliance agreement with Shell for operations in China, which this year overtook Japan as the world's second biggest importer of crude oil.



Development News in Iran >>

Guyana >>  6/12/2018 - The Liza Phase 1 development continues to rapidly progress, with the commencement of development drilling offshore Guyana, ExxonMobil said. ...
Norway >>  6/12/2018 - The plan for development and operation of the Johan Castberg field in the Barents Sea was approved by the Norwegian Parliament on Monday 11 June. The...

Russia >>  6/6/2018 - A large-scale project for the reconstruction and technical re-equipment of the preparatory shop was completed at the Nizhnekamskshina factory, which p...
Iraq >>  6/5/2018 - By the presence of Mr. Jabbar Ali Al-Luiebi the minister of oil… the ministry of oil signed on 4 June three new initial contracts with two Chinese com...

Iran >>  6/4/2018 - National Iranian South Oil Company (NISOC) plans to develop 28 oil reserves in southern Iran through operation-based contracts, Shana reported on Tues...
Iraq >>  6/3/2018 - By the presence of Mr. Jabbar Ali Al-Luiebi the minister of oil… the ministry of oil signs the initial form of the contracts to develop 6 exploration ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |

More News

 

Oil & Gas Companies in Iran >>


Related Links

AZ BD BN CN GE HK ID IN IR JP KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.