Iran producing more oil for export to Europe

Oil&Gas Materials 7 February 2016 12:10 (UTC +04:00)

Tehran, Iran, February 7

By Mehdi Sepahvand -- Trend:

Iran has been producing 200 thousand barrels a day more oil since January 21 and the oil is being stored for later export to Europe, an informed source has said.

The source added that the oil is to be exported to Iran's traditional European customers, pointing out that Greece is likely to be its first receiver, Fars news agency reported February 7.

A day earlier Iranian Oil Minister Bijan Zanganeh had said a contract to export 160 thousand barrels of oil a day to France's Total will come to force February 16.

The developments come in the wake of the removal of international sanctions on Iran. The sanctions are lifted according to the Joint Comprehensive Plan of Action between Iran and the group 5+1 (the US, UK, France, Russia, China, and Germany) which came into force on January 16.

According to Zanganeh, Total is also going to start work on Iranian projects including the Sough Azadegan oil field and Iran LNG.

The Italian Eni also is going to sign a contract with Iran during a near future visit of the company's representatives to Tehran.

Eni has requested a daily flow of 100 thousand barrels of oil. There are talks that the company is going to develop an oil field for Iran.

The Italian Saras is also seeking 60 to 70 thousand barrels of crude per day from Iran.