Iran's Persian Promise Noted on DW Monday

By George Backwell
Monday, August 18, 2014
Energy refinery: File photo

In recent years, oil & gas production in Iran has been largely defined by the impact of international sanctions. Here the prospects for the country with a large share of the world's oil reserves are reviewed by Douglas-Westwood in their 'DW Monday' focus.

The nation possesses the world’s fourth largest proven oil reserves and second largest gas reserves. However, despite this, production has faltered.  Sanctions enacted by the United States and European Union in 2011 and 2012 have crippled an otherwise promising energy sector.

The economic impact has been severe — oil & gas export revenues dropped by almost 53% due to significantly decreased liquids export. This figure may make for sobering reading, but all is not lost for the oil & gas industry.
 
The historic Joint Plan of Action (JPOA) was widely lauded as a positive sign for extractive industries. The removal of certain restrictions and the promise of a permanent agreement have given hope to an embattled oil & gas industry. If sanctions are removed and international investment is allowed to return, reinvigoration of the sector could prove to be a potential goldmine for IOCs and oilfield service providers.

However, movement towards a final agreement on the future of Iran’s nuclear programme has been excruciatingly slow. The JPOA’s original July 20th deadline did not culminate in significant progress and negotiations have simply been extended to November 24th.

The next few months will be a critical period for the oil & gas sector. Oil Minister Bijan Zanganah has boldly suggested that production could be boosted by 700k boe/d within two months of sanctions being lifted. Yet there is growing consensus that this is exceptionally optimistic.

Ageing infrastructure will require substantial investment for production to approach anywhere near that figure. This could, however, provide numerous opportunities for international IOCs and oilfield service providers — if they are allowed to invest.

Iran is already planning changes to its oil contract model to allow IOCs participation at all stages of production. However, in the absence of a comprehensive sanctions agreement, all discussion of increased production and investment is purely academic. A final agreement must be reached if the oil & gas industry is to be shaken out of its stupor.

Source: Douglas-Westwood – 'DW Monday'

 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Newport News Shipbuilding Hosts Sen. Inhofe

Huntington Ingalls Industries (HII) today hosted Sen. James M. Inhofe, R-Okla., for a tour of the company's Newport News Shipbuilding division.   The senator,

Hempel CEO Jullien Plans Retirement

Pierre-Yves Jullien, CEO of Hempel A/S since 2005, has decided to retire after nearly 40 years in the Group. He will step down from his role as CEO on March 31, 2016 at the latest.

DNV GL Launches Singapore Service Center

DNV GL's new Singapore Service Center (SSC) will streamline customer support and enhance customers’ experiences by giving them a single point of contact for all operational issues.

Contracts

Vigor’s Tacoma Yard Delivers Breasting Barges to Foss

Vigor Industrial expands its newbuild capacity in Washington; Tacoma yard delivers three breasting barges   Fabrication teams at Vigor Industrial’s Tacoma, Wash.

Hands Across the Water

U.S. firms leverage Netherlands-based Damen Shipyard’s vessel designs and technical support. For nearly 40 years, Damen Shipyards Group in the Netherlands has

Icebreakers Ordered for Neft’s Novy Port Project

Aker Arctic’s icebreaker design selected for Gazprom Neft’s Novy Port project   Aker Arctic and Vyborg Shipyard have confirmed a contract for the design of two

Legal

Steelhead Introduces a New Yacht Crane

Steelhead Marine, a North American crane manufacturer, has expanded its product offering with the launch of the new E Series 1000 crane. Suited for commercial and recreational vessels,

SEACOR Marine Sweeps NOIA SIS Awards

The National Ocean Industries Association (NOIA) today presented SEACOR Marine with the 2015 NOIA Safety in Seas (SIS) Culture of Safety Award and Safety Practice Award.

Variable Bore Rams is 35

Variable Bore Rams, Inc. (VBR), one of the largest original equipment manufacturer (OEM) ram and BOP component providers in the world, is celebrating its 35th

Energy

Icebreakers Ordered for Neft’s Novy Port Project

Aker Arctic’s icebreaker design selected for Gazprom Neft’s Novy Port project   Aker Arctic and Vyborg Shipyard have confirmed a contract for the design of two

MacGregor's Pusnes bow loading systems for Suezmax Tankers

MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters.

SEACOR Marine Sweeps NOIA SIS Awards

The National Ocean Industries Association (NOIA) today presented SEACOR Marine with the 2015 NOIA Safety in Seas (SIS) Culture of Safety Award and Safety Practice Award.

Fuels & Lubes

Naval Authorities Rely on OSE Separators from GEA

The trend of modernizing ships and fitting them with more efficient separator systems, which has been noticeable since 2014 particularly in Europe and North America,

Spain Investigates Sinking off Canary Islands

Spain launched an investigation on Thursday into the sinking of a Russian ship off the Canary Islands, as coastguards battled a six-km (3.7-mile) oil slick close to tourist beaches.

Bomin Launches Bunker Operations in Copenhagen

The Bomin Group, a global physical supplier and trader of marine fuel oil, has announced that it is launching a physical operation in Copenhagen, Denmark.  The

Consulting

Krill Systems Partners with Six Maritime

In recognition of the growing demand for Krill Vessel Fuel Management Systems (VFMMS) worldwide, including certain regions that are currently experiencing political instability, Krill Systems Inc.

RT to Frame Guidelines against Cyber Attacks

The Round Table of international shipping associations (RT) comprising BIMCO, ICS, Intercargo and INTERTANKO announced today that they are developing standards

Fugro Expertise for Wind Farm Developers in Netherlands

Fugro has been contracted by the Netherlands Enterprise Agency, part of the Ministry of Economic Affairs, to execute the geotechnical site investigation and

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2087 sec (5 req/sec)