EU-Iran ink first ever nuclear safety co-operation project

The European Commission has signed the first ever project for co-operation on nuclear safety with Iran. The €2.5 million (£2m) project aims to enhance the capabilities of the Iranian Nuclear Regulatory Authority (INRA) by preparing a feasibility study for the Nuclear Safety Centre under the deal, known as the Joint Comprehensive Plan of Action (JCPOA). […]

‘Middle East and North Africa could be green by 2030’

The Middle East and North Africa’s (MENA) energy systems could rely primarily on renewables by 2030. That’s according to researchers from the Lappeenranta University of Technology (LUT) in Finland, who have shown major oil producing countries in the MENA region could turn their abundant renewable energy resources into lucrative business opportunities in less than two decades. The study suggests a fully renewable […]

Total signs first post sanction Iranian gas deal

French oil giant Total has signed a deal to develop a gas project in Iran. The agreement is the first of its kind after the sanctions against the country were eased. The oil firm has agreed with National Iranian Oil Company to develop phase 11 of South Pars (SP11), the world’s largest gas field. The […]

India and Iran ‘to clear $6.4bn oil payments via European banks’

The central banks of India and Iran have reportedly agreed to use European Banks to clear oil payments to Tehran. They are worth $6.4 billion (£4.4bn), Indian Oil Minister Dharmendra Pradhan told reporters. Buyers of Iranian oil were prevented from using global banking channels to clear their transactions after sanctions were imposed on Iran in […]

UK businesses can help Iran boost power efficiency

  There are huge opportunities for UK businesses in Iran’s power industry. Siamak Adibi, Head of Middle East Gas Team at Facts Global Energy believes companies in Britain can provide their expertise in increasing the efficiency of power plants as well as implementing energy-saving projects. Speaking to ELN at The Iranian Trade Conference this week, […]

OPEC pumped 32.38m barrels of oil per day in March

Oil production increased by 40,000 barrels per day (b/d) in March. Total production reached 32.38 million b/d, new figures from Platts revealed. The rise in oil production was driven by sanction-free Iran which said it is targeting production of four million b/d in the new Iranian year. The demand for crude from this country has […]

Next year’s oil prices ‘lower than thought’

Brent crude oil prices are expected to be $8 a barrel (£5.2/Bbl) lower compared to earlier projections. They are expected to average $58 a barrel (£37.9/Bbl) in 2016. That’s according to the August Oil Market Report from Thomson Reuters. The report states the expected decrease will be due to a stronger Chinese economy and an […]

Lifting Iran’s sanctions ‘will lower oil prices’

The removal of sanctions to Iran’s nuclear programme could reduce the price of oil by $10 (£6.4) per barrel next year. That’s the prediction of the World Bank which explained this could happen prices could fall as the country increases oil production. It added the cost of Iran’s trade will fall and exports from the nation would increase […]

Iran’s oil production declines and gas growth slower

Iran’s oil production has decreased and gas growth has been slower than expected over the past few years. That’s according to an analysis made by the US Energy Information Administration (EIA). It stated the country has the “world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves”. Despite of its reserves, the […]

OPEC pumps 70,000 barrels more oil in August

More oil pumping from Libya and Angola pushed up production in the Organisation of Petroleum Exporting Countries (OPEC) by 70,000 barrels a day (b/d) last month. The Middle Eastern group’s oil gushed up to 30.2 million b/d in August from 30.13 million b/d in July, according to a Platts survey of OPEC and oil industry […]