National Iranian Oil Company

European oil companies are not ruling out reducing Iranian oil imports after the threat of new US sanctions, with some expecting banking issues to hinder trade, but there was no rush to immediately cut volumes.

France’s Total will lose all of its investment if it pulls out of a deal with Iran to develop South Pars, the world’s largest gas field, the Iranian oil minister said on Nov. 21.

Lukoil plans to keep pumping 100 million tons of oil per year between 2018 and 2027 with projects outside Russia and will keep annual investment at $8 billion-$8.5 billion, the chief executive said on Sept. 23.

Iran plans to sign a new contract to develop its giant South Pars gas field with France's Total and China's CNPC on July 3, the first major Western energy investment since sanctions against Tehran were lifted, an Iranian oil ministry official told Reuters on July 2.

Iran expects to sign a long-delayed gas deal with French oil major Total in the next few weeks, Iranian Oil Minister Bijan Zanganeh was quoted as saying on June 17.

Russia's Gazprom Neft and Austria's OMV will work together in Iran's oil sector under a memorandum of understanding, OMV said on June 2.

"Preliminary possible spheres of cooperation include analysis, assessment and study of certain oil deposits located in the territory of the Islamic Republic of Iran in cooperation with the National Iranian Oil Company (NIOC)," OMV said.

Iran's President Hassan Rouhani inaugurated five new phases of the South Pars gas field on april 16, the result of some $20 billion in investment, local media reported.

The ribbon-cutting of phases 17-21 pave the way for Iran to surpass the production levels of neighboring Qatar, which shares half the offshore gas field, Iranian officials said.

Iran has found a dozen new oil fields that could produce 30 billion barrels of crude and 128 trillion cubic feet of natural gas, according to Press TV quoting officials in Tehran.

Iran's national oil company said on Oct. 17 that it has offered 50 oil and gas fields to international bidders, the first time it has done so since last year's landmark nuclear deal with world powers.

The National Iranian Oil Company (NIOC) on Oct. 4 signed a new style output contract with an Iranian firm, a long-awaited template for new contracts it hopes will attract foreign energy investors back to boost output after years of sanctions.