The first phase development project of Azar Oilfield will be complete with 65,000 b/d of crude oil production capacity.
The CEO of the Petroleum Engineering and Development Company (PEDEC) said that development of the field has had acceptable oil production over the past two years and its productivity would increase by the end of the current calendar year to March 20, 2020.
Touraj Dehghani said that about 18 wells were almost ready for production in the field which would start production once processing units became operational.
Maximizing local resources for developing the project has been one of the key concerns of PEDEC in the project, he added.
Iran’s Research Institute of Petroleum Industry (RIPI) is due to carry out four major research projects aimed at increasing the recovery factor of the country’s oil fields by the end of the current Iranian calendar year (March 21, 2021), Shana reported quoting the head of RIPI’s upstream faculty.
Low US oil prices have prompted a significant downward revision of the US natural gas liquids (NGL) production over the next few years, which may increase liquefied petroleum gas (LPG) import prices for Asia, according to S&P Global Platts Analytics.
Ecuador will restart crude loadings next week after the OCP repaired its heavy crude pipeline.
India's extension of its nationwide lockdown has further dented the near-term prospects of recovery for thermal coal and petroleum coke imports, with several consuming industries reluctant to ramp up operations amid weak demand.
Covid-19 is threatening Australia's mining and petroleum services industry, potentially limiting the ability of the resources and energy sectors to quickly rebound by creating skills shortages and reducing the availability of key equipment and services.
SK Innovation, South Korea's largest refiner, will likely need to further reduce the operating rate of its 840,000 b/d Ulsan complex because the impact of the Covid-19 pandemic on oil products exports will be felt more fully this summer.