'Silver Lining of Sanctions': Iran Decreases Oil, Gas Dependence in 4 Years

A platform at the South Pars field

Lukoil declined to comment on the details of the talks, but added that it had previously expressed an interest in developing two fields in Iran.

Iran is forming a government commission to oversee its deal with France's Total to develop the South Pars gas field, the first major Western energy investment in the Islamic Republic since the lifting of sanctions previous year.

"We will welcome greater engagement by Turkish companies into Iranian upstream and downstream projects", Amir Hossein Zamaninia, Iran's petroleum for trade and worldwide affairs deputy minister, told state-run Anadolu Agency on the sidelines of the World Petroleum Congress. "Turkey is one of our customers".

According to Organization of the Petroleum Exporting Countries (OPEC) data, Iran exported 8.567 billion cubic meters of natural gas in 2016.

"Our expectation is that this amount will be realized within a maximum of three to five years, which will pave the way for future investments in the next program", Paydar said.

Former Retrophin chairman says Martin Shkreli lied 'to my face'
"I said, "Come with me" and walked him into the bedroom, and I sat him on the bed", Richardson recounted. He also acknowledged that the board did not cite the settlements as a reason for removing Shkreli as CEO.

Iran's gas output would increase to 1 billion cubic metres per day by this year end. Following the Joint Comprehensive Plan of Action (JCPOA) for Iran's nuclear program, the situation normalized to the extent that the country is engaging with both global and national oil companies. Iranian officials promised 10 contracts like it in the next year and said they were.

The Paris-based group forecasts that Europe is the only part of the world where gas demand is stagnant, while predicting strong growth elsewhere, Platts reported.

At the national level, the largest growth in gas demand is expected in China, India, Iran, the U.S. and Saudi Arabia.

That appears to have broken the investment logjam, sending an important signal to companies eager for access to Iran's huge energy reserves. Iran's oil production is now around 3.7 MMb/d.

The French firm will be the major operator with a stake of 50.1%, alongside China National Petroleum Corporation (CNPC), a state-owned energy company with 30% stake and Petropars a subsidiary of National Iranian Oil Co (NIOC) with 19.9%.

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