Shell confirms it signed MoU with Iran's NIOC

Dec 08, 2016, 01:23
Shell confirms it signed MoU with Iran's NIOC

Royal Dutch Shell Plc signed an agreement to assess three of Iran's largest oil and gas fields as OPEC's third-biggest producer looks to boost output with the help of worldwide companies.

Hans Nijkamp, a vice-president at Shell, said the deal "opens a new chapter" for the Anglo-Dutch company in Iran. "We are hoping to have a fruitful cooperation with NIOC on these fields". Total was the first major energy company to jump back into Iran with a major project, announced on November 8-Election Day in the U.S.

The fields are among the largest oil discoveries of the past 20 years.

Royal Dutch Shell Plc will agree on Wednesday to develop a major Iranian oil field, the Wall Street Journal reported, citing an Iranian oil ministry spokeswoman. Total SA reached a non-binding $4.8 billion agreement to develop a natural gas field last month.

Shell declined to comment.

Iran oil export pie chart
Click to enlarge Tanker tracking data. Source Bull And Bear Investor's calculations

The South Azadegan and Yadavaran fields both straddle Iran's border with Iraq.

Foreign firms keen to tap Iran's vast oil and gas reserves have so far made little inroads into the country despite the lifting of many sanctions and the new contracts that aim to improve the terms Iran offers for oil development deals.

With low oil and gas prices the majors are focusing their spending on producing the lowest-cost barrels.

Shell's experience in Majnoon will "for sure" help it develop Azadegan and Yadavaran if it decides to do so, Falakshahi said.

YOU MIGHT ALSO LIKE
  • Steve thrilled by Lions coach job

    Steve thrilled by Lions coach job

    We'll need to have that in abundance to be successful coming into New Zealand". The core of the coaching team will be completed by Steve Borthwick.
    Crucial Opec-non Opec meeting on global output deal on Dec 10

    Crucial Opec-non Opec meeting on global output deal on Dec 10

    But analysts said that the cuts are likely to cause other producers, especially US shale drillers, to increase output. It's no secret that the various crude oil stocks have had a hard time over the last couple of years.
    Jeff Fisher signs contract extension as Rams coach

    Jeff Fisher signs contract extension as Rams coach

    Detailed in the report , the new agreement is for two seasons with a team option involved. We want you to come back. "It was like I'm a kid and he's putting me on notice".
  • FCC Says AT&T's DirecTV Now Service Violates Net Neutrality

    Verizon excludes data charges to its wireless customers for its National Football League games or its go90 mobile-video app. In the case of AT&T , it's the company's sponsored data and DirecTV offerings that have raised the FCC's hackles.
    Bergdahl seeks pardon from Obama to avert desertion trial

    Bergdahl seeks pardon from Obama to avert desertion trial

    Officials from the White House and the US Justice Department today revealed the sergeant had submitted a clemency request. Bowe Bergdahl is making the first move in a request for a pardon from President Obama.
    India lacks guts to take back Pakistan-occupied Kashmir: Farooq Abdullah

    India lacks guts to take back Pakistan-occupied Kashmir: Farooq Abdullah

    He said that the then Maharaja, while signing the Instrument of Accession, had acceded the whole of Jammu and Kashmir under his control as part of Indian Union.
  • Trump is Time magazine's Person of the Year

    Trump went from fiery underdog in the race for the GOP presidential nomination to defeating Clinton in the November 8 election. Mr Trump won 306 electoral votes, enough to make him President even though his Democratic rival won the popular vote.

    HOA For Dismantling Terror Sanctuaries, Disrupting Its Support System

    He said, silence and inaction against terrorism in Afghanistan and in South Asia region will only embolden terrorists and their masters.
    Crash Bandicoot N-Sane Trilogy Trailer Contains Remastered Goodness

    Crash Bandicoot N-Sane Trilogy Trailer Contains Remastered Goodness

    The new trilogy will feature full analog stick support, a unified save system and unified checkpoint system. Sane Trilogy, an upcoming remake of the first three Crash Bandicoot titles, at PlayStation Experience 2016.
  • Bank of Canada keeps interest rate at 0.5%

    Bank of Canada keeps interest rate at 0.5%

    But since then, data has shown that the economy grew faster in the third quarter than the Bank of Canada had expected. Overall, the Bank's Governing Council judges that the current stance of monetary policy remains appropriate.
    Chris Christie's Insanely Low Approval Rating Just Broke an All-Time Record

    Chris Christie's Insanely Low Approval Rating Just Broke an All-Time Record

    The move came in lock-step with President-Elect Donald Trump, the first candidate in 40 years to not release his tax returns. Politico noted that the lowest approval rating found in New Jersey's history was 17 percent, held by former Gov.
    Ghostbusters actress Alice Drummond dies aged 88

    Ghostbusters actress Alice Drummond dies aged 88

    She also performed in numerous Broadway plays including The Ballad of the Sad Cafe and You Can't Take It With You . Her friend and executor, the actress June Gable, confirmed the news to The New York Times .
popular