Iran Announces 2 Billion Barrel Shale Oil Find

 

The western province of Lorestan will be getting new attention from the Iranian oil ministry following the discovery of major shale oil reserves in the region, according to new reports emerging from the area.

The resources, found in the Ghali Koh field, totaled two billion barrels, Bahman Soleimani, the National Iranian Oil Company’s Soleimani said on Monday, citing a recent study. “The oil is light,” he described.

Other research on the area’s shale gas reserves will be completed by October 2017, the official added.

Greek PM strenghtens ties with Iran

As said many times before (since at least 2013) during the Greek financial crisis, which is still ongoing, do not count them out. They are too important economically for Europe and the EU. They have the ability to become an energy hub and gateway for exchanges between oil exporting countries and Europe. Lo and behold, it’s now taking root in 2016. We’re almost there.

 

Greece and Iran pledged on Monday (8 February) to strengthen the political and economic cooperation between their two countries in a series of meetings where Iran’s geopolitical importance was emphasised.

During a two-day visit to Ispahan and Tehran with business leaders, Greek prime minister Alexis Tsipras said Greece wanted to become “an energy, economic and trade bridge between Iran and European Union”. He was the first EU leader to go to Iran since the lifting of UN sanctions last month.

Commodities: Iran challenges US sanctions with plans to double oil output by 2018

As already mentioned here a few times, third world countries have no bottom, thus making any sanctions against Iran’s oil industry worthless. The world has a high demand for oil and all sanctions will do is force the oil route to change direction towards another country.

Iran has unveiled plans to double its oil production by the end of the decade and, ignoring sanctions, pump billions of dollars of its currency reserves into developing its share of the world’s largest natural gas reservoir in the Persian Gulf.

The country’s new oil minister, Bijan Zanganeh, has set a new output target of 5.7m barrels per day (bpd) of crude by 2018, according to the official state-run news agency Shana. The latest figures produced by the Organisation of Petroleum Exporting Countries (Opec), show that Iran is currently pumping about 3m bpd of crude.

Tehran is also sending strong signals to the international community that it plans to press ahead with the development of vast natural gas reserves that it shares with Qatar in the Persian Gulf. Moshtaq Ali-Gohari, head of the National Iranian Oil Company, told Shana over the weekend that the Islamic republic plans to invest almost $14bn (£8.3bn) to develop oil and gas fields that it shares with neighbours in the region. This could signal that Tehran is preparing for the further development of the South Pars field in the Gulf.