1. Iran’s NIOC signs 1.2 billion euro deal to boost oil production
Iran’s national oil company yesterday signed eight euro 1.2bn agreements with domestic companies to develop Iran’s oil fields. Senior oil industry officials, including Iran’s oil minister Bijan Zanganeh, attended the signing ceremony.
Since the US re imposed sanctions, Iran’s oil ministry has been following a new strategy to encourage the private sector to play a greater role in the development of the country’s oil industry. NIOC has awarded several exploration and development projects to competent Iranian companies in the past two years.
2. Energean acquired 50% of total’s equity in block 2
Energean PLC has completed the acquisition of 50% of total’s mining interests and operator positions in block 2 offshore in western Greece, providing more exploration opportunities for it in the core area of the eastern Mediterranean.
Energean is an independent gas exploration and production company with production, development and exploration assets in the Mediterranean and the UK North Sea.
3. Paradigm drilling services and toolserv form a strategic alliance
Paradigmdrilling services, headquartered in the Netherlands, announced a strategic alliance with toolserv as, an oil services company based in Stavanger, to jointly manage the sales and leasing business in Norway.
Paradigms bring innovative drilling tools to the highly competitive Norwegian market, which will improve drilling performance and efficiency, eventually deliver wells faster and add value to operators and drilling contractors.
4. Mexican billionaires bet on oil industry
Carlos Slim and his family have accumulated US $230 million worth of shares in PBF Energy Inc., an oil refiner, and PBF logistics LP, a pipeline operator. Most of the US $70 million increase in investment in 2020 came after the covid-19 pandemic and the collapse of oil prices.
Slim became the 21st richest man in the world with a fortune of 57.6 billion US dollars. Most of his wealth comes from telecom giant America Movil SAB de cv.
5. Iran: foreign oil companies must accept the new terms to work in the country
Iran’s oil minister Bijan Zanganeh said on Monday that foreign energy companies and contractors must accept Iran’s new terms and conditions if they return to work in Iran. However, given the current sanctions on Iran’s oil industry and exports, foreign oil companies and contractors are not particularly eager to cooperate with Iran.
In 2018, the United States began to impose sanctions on Iran’s oil, shipping and banking industries, and threatened to impose sanctions on anyone dealing with Iran. Major foreign companies, such as total, the French oil giant, have pulled out of Iran’s energy projects.
6. EU approves the establishment of genvia
Schlumberger new energy, CEA and its partners announced that the European Commission has approved the establishment of genvia, a clean hydrogen production technology joint venture.
Hydrogen is considered as a multi-functional energy carrier, and is a key component of many countries to achieve carbon neutrality and energy transformation by 2050.
7. The completion rate of OPEC + oil production reduction agreement in December is only 75%
OPEC + compliance with the promised oil production limits fell to 75% in December, the lowest level since the start of the supply agreement in May 2020, petro logistics, a tanker tracker, said on Tuesday. This could put pressure on oil prices, which are currently at 11 month highs.
Post time: Jan-13-2021