Gazprom Neft, Iran’s NIOC agree oil field studies

Alexei Miller, Russian natural gas giant Gazprom CEO, addresses a recent news conference in Moscow recently. (AP)
Updated 13 December 2016
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Gazprom Neft, Iran’s NIOC agree oil field studies

TEHRAN/MOSCOW: Russian oil producer Gazprom Neft and National Iranian Oil Company (NIOC) have agreed to conduct a study into the possible development of two oil fields in Iran, Russia’s Energy Ministry Alexander Novak said.
Iran, OPEC’s third largest oil producer, plans to launch next year a new-style contract for helping develop its oil and gas fields with invitations to tender to be the first since the lifting of sanctions.
Novak said Gazprom Neft, the oil producing unit of Gazprom, has signed a memorandum of understanding with NIOC and Gazprom Neft will now conduct a study for the Changouleh and Cheshmeh-Khosh oil fields in Western Iran. A deal on producing oil at the two fields could follow, the minister said.
He also said on Tuesday that Gazprom and Russia’s largest oil producer Rosneft have signed a separate memorandum with NIOC.
Gazprom Deputy CEO Alexander Medvedev said in Tehran that his company has been interested in joint liquefied natural gas (LNG) projects.
Russia, which has already signed several memorandums of understanding with Iran, has the largest share of Iran’s oil field development studies compared with other countries involved in oil exploration there, Iran’s Oil Minister Bijan Namdar Zanganeh was quoted as saying by ISNA news agency.
Zanganeh also said Iran would finalize another deal in the next two days to sell Russia 100,000 barrels of crude oil per day.
Commenting on the recent OPEC deal to cut oil output, Zangeneh said: “The talks between the two countries’ leaders were essential and very significant in this matter.”
He said that oil prices were likely to settle at $50-$55 per barrel.
“No other country may have influence on Russia’s and Iran’s intention to develop ties,” Iranian Communications Minister Mahmoud Vaezi said at the talks with Russia’s Novak.


Saudi minister Al-Falih says Aramco IPO likely in 2019

Updated 25 May 2018
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Saudi minister Al-Falih says Aramco IPO likely in 2019

  • Energy Minister Khalid Al-Falih: “We are ready, the company (Saudi Aramco) essentially has ticked all the boxes. We’re simply waiting for a market readiness for the IPO.”
  • Khalid Al-Falih: “Most likely it will be in 2019 but we will not know until the announcement has been made. All I could say is stay tuned.”

RIYADH: Saudi Arabia is most likely to hold the initial public offering (IPO) of oil giant Aramco in 2019, Energy Minister Khalid Al-Falih said on Friday, confirming a delay from the initial plan to list the company this year.

“The timing I think will depend on the readiness of the market, rather than the readiness of the company or the readiness of Saudi Arabia,” Khalid Al-Falih, who’s also the company’s chairman, said at the St. Petersburg International Economic Forum in Russia on Friday.

“We are ready, the company essentially has ticked all the boxes,” he said. “We’re simply waiting for a market readiness for the IPO.”

For almost two years, Saudi officials said the IPO was “on track, on time” for the second half of 2018. But for the first time in March they suggested it could be delayed until 2019.

“Most likely it will be in 2019 but we will not know until the announcement has been made,” Al-Falih said. “All I could say is stay tuned.”

The Aramco IPO would be a once-in-a-generation event for financial markets. Saudi officials said they hope to raise a record $100 billion by selling a 5 percent stake, valuing the company at more than $2 trillion and dwarfing the $25 billion raised by Chinese retailer Alibaba Group Holding Ltd. in 2014.