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    TEHRAN (ISNA) - Different companies from across the world have voiced their readiness for oil investment in Iran

    Representatives from Austria, Swiss, Italy, France, Germany, China, Spain, America, Spain, Russia, South Africa, Holland, Scotland and many other countries have announced their interest to invest in Iran’s oil projects and following that will head to the country in coming months.

    [LONDON] Opec talks in Vienna Tuesday didn't resolve whether Iraq and Iran will join any production cuts, instead deferring the crucial matter to ministers who will meet on Nov 30, said two delegates

    While Libya's Opec governor Mohamed Oun said the meeting ended with a consensus that will be presented to ministers, he declined to comment on whether the group's second and third largest members are willing to limit output

    The continuing questions around Iranian and Iraqi production don't make a deal impossible next week, the delegates said, asking not to be named because the talks are private. However, the lack of agreement Tuesday leaves open the possibility the group fails to implement the cuts first outlined in late September

    Officials leaving the Organization of Petroleum Exporting Countries headquarters in Vienna told reporters they have agreed on most details and that they were happy with the outcome of Tuesday's talks. But on top of the pending Iran and Iraq issue, securing cooperation from non-members including Russia has emerged as a mounting concern among some Opec countries, said one delegate 

    .Saudi Arabia and its allies in the 14-nation group want Russia to cut output rather than freeze it, the delegate said

    "Just as the market has become optimistic about the prospects for an Opec deal, challenges have emerged," Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd in London, said in a note to clients. "Iran and Iraq are now revisiting their demands for exemptions, seeking to pressure Saudi Arabia to do all the work"

    Opec reached a preliminary agreement in Algiers on Sept 28 to reduce collective output to 32.5 million to 33 million barrels a day, compared with the group's estimate of 33.6 million in October. Technical experts from member countries met in Vienna this week in an attempt to figure out how to share the cuts

    While the talks focused on reaching the lower end of that production range, some members continued to resist Iran and Iraq's argument that they should be exempt from reducing output, said one delegate

    If there's no agreement to restrict output, the International Energy Agency has said that oil prices are likely to fall in 2017. Opec's own estimates of supply and demand also show that the Algiers agreement would barely drain a record oil surplus next year without the cooperation of non-members such as Russia, the world's largest energy exporter. West Texas Intermediate crude, the US benchmark, fell 1.8 per cent to US$47.33 a barrel at 12:47pm on the New York Mercantile Exchange

    Deferring the question of Iran and Iraq's participation to the ministerial meeting would mean the group won't have a finalised agreement to present to Russia and other non-members at a meeting scheduled for Nov 28 in Vienna. Moscow has insisted Opec should reach an internal deal before seeking the backing of other producers. President Vladimir Putin has also repeatedly said he would prefer to freeze output at current record levels to making cuts

    In public, Opec delegates characterized this week's meeting as making progress. "There is certainty that everybody is on board," Nigerian Opec delegate Ibrahim Waya told reporters on his way into the meeting on Tuesday

    ."Everyone knows that the stakes are high"

     

    Three Russian companies have signed contracts for oil field development with the National Iranian Oil Company, a senior NIOC manager told media. Gholam-Reza Manouchehri, deputy managing director of NIOC, said the companies were Lukoil, Tatneft, and Zarubezhneft. The contracts are the latest demonstration of the ever

    closer ties between Moscow and Tehran, especially in energy

    Since January, when most economic sanctions on Iran were lifted, the country has been in a rush to revive its energy industry, after four years of barely making ends meet. For this, it needs the assistance of foreign companies with production know-how and infrastructure investments 

    Russia has become a preferred partner for Tehran, not least because it also suffered economic sanctions from the West following the annexation of Crimea

    As Oilprice reported, earlier this year Gazprom and Gazprom Neft, and NIOC, signed preliminary agreements for the development of several oil and gas fields

    Zarubezhneft, for its part, said in July that it had struck a deal with NIOC to conduct a study on two oilfields that Iran shares with neighboring Iraq – West Paydar and Aban, – and came up with a proposal to increase the fields’ recovery rate

    Related: How Risky Are Oklahoma Earthquakes For The Oil Business

    In August, Iran’s Tasdid Offshore Development Company, a unit of NIOC, signed a US$1-billion contract with Russian shipyard Krasnye Barrikady for the construction of a number of offshore drilling rigs

    In this context, more news about production deals could be expected.But Russian companies are by no means the only ones Iran is taking on. Earlier this month, NIOC signed a contract with Norwegian DNO, which will explore production at the Changuleh field, with estimated reserves of some 2 billion barrels of crude

    French Total, the first international supermajor to return to Iran, was selected to develop the giant South Pars offshore gas field. Total is partnering with China’s CNPC on the project

     

    Iran’s employment of Chinese contractors, rather than Western firms, for the development of its joint oilfields has been criticized by energy experts, particularly now that Iraq has speeded up its output from the oilfields it shares with Iran.
    According to a report by SMT newspaper, as translated by IFP, the days of cheap, highly-efficient oil production are over; the formation of consortia of leading multi-national companies to develop cheap fields indicates that decades of production at the fields have turned them into brown fields in need of priceyenhanced oil recovery methods for preserving their output level

    The new media sponsor of Kish ENEX 2016 is introduced as OSP.   SafetyOffshore Safety Professionals (OSP Safety) is a brand new, dedicated quarterly Safety publication. The only dedicated publication reviewing all the current issues within the Safety industry

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