TEHRAN (NIOC) – Fath 72 Drilling Rig, built by Academic Center for Education, Culture and Research (ACECR), has been unveiled in a ceremony attended by Iranian Minister of Petroleum Bijan Zangeneh.

TEHRAN (NIOC) _ An IPC contract was signed between the National Iranian Oil Company and MAPNA Group to improve the recovery rate, increase production and exploitation of the Parsi and Paranj fields.

TEHRAN (NIOC) – The Iranian Minister of Petroleum said the country had started countdown for launching a major plant for collecting and processing associated petroleum gas (APG) with $3 billion of investment.

TEHRAN (NIOC) _ The last offshore platform of Phase 14 of the massive South Pars gas field has been installed.

TEHRAN (NIOC) _ The year 2019 was fraught with events for global oil markets. However, as far as the pricing was concerned the impacts were weak and short-lived on the market. That could have largely affected the oil market in the middle of the decade, but by the end of the last decade of the 21st century, the impact has been meager. In other words, 2019 ended the same way it had started. No significant development was witnessed in the trend of prices with which are mainly concerned producers, consumers, speculators and market analysts. Nonetheless, in the final hours of 2019, oil prices experienced an unpredicted jump to cross $70 a barrel, an unprecedented record since 2018.

TEHRAN (NIOC) _ Some 120 kilometers southeast of the southern Bushehr Province, Iran own a gas field holding more than 57 tcf of gas in place. North Pars is among fields with high potential for investment. The field is estimated to require $16 billion in investment, including $5 billion in the upstream sector and $11 billion in the downstream sector (mainly LNG plants).