Page 17 - MEOG Week 27

MEOG n e W s in B rie F MEOG

anytime soon,” a spokesman for shipping new low, and a fraction of the more than 2.5 The agreement will see the two companies
group NOrDEN said. million bpd that iran shipped in April 2018. work together in many areas, including talent
“The exact number of iranian vessels on Kpler estimated June crude exports at development and technology incubation and
floating storage is a bit of a black box as they 237,000 bpd and FGE at 210,000 bpd. piloting.
have all turned off their AiS signals,” he said, reUters Abdullah Al-Shaksy, CEO and co-founder
referring to a vessel’s tracking transponder. at Phaze Ventures, said, “We are on a mission
The oil ministry is trying to manage crude to provide disruptive technology companies
stocks by shutting more production. ser V i C es with the early-stage investments and strategic
iran’s total liquid production - including support they need to transform traditional
crude oil, condensate and natural gas liquids Phaze partners with OQ to industries such as the global energy and
- fell from 3.1 million barrels per day (bpd) in logistics sectors.
March to 3 million bpd in June, according to transform future of energy “This agreement marks an important
FGE. The firm predicts the production will fall step on that journey. Strategic partnerships
by another 100,000 bpd in July. operations with forward-thinking global players such as
Crude production was as low as 1.9 OQ allows us to provide innovators with the
million bpd in June, according to reuters Phaze Ventures, an Oman-based venture unique opportunity to develop and deploy
OPEC survey. That was almost half of iran’s capital firm, and OQ, Oman’s global integrated their offering and, ultimately, supercharge
production in 2018, and the lowest level since energy services company, has signed a their growth.”
1981, the beginning of iran’s war with iraq Memorandum of Understanding which will The agreement follows Phaze Ventures’
and attacks on its oil facilities, according to see the organisations work closely together partnership with Petroleum Development
OPEC data. to develop, deploy and invest in disruptive Oman in 2018 and the launch of the regions
iranian exports also fell to new lows as energy technologies from across the globe. first energy-focused startup accelerator
an oversupplied market and the coronavirus The agreement incorporates several program, further solidifying their position as
pandemic made it harder for Tehran to find areas of collaboration in support of the two a critical player in the future of the regions’
customers willing to take its sanctions-hit oil. organisations’ core missions. it brings together transition.
iranian crude exports were around 100,000 Phaze Ventures technology and investment oiL reVieW
bpd in May, according to Kpler, and around ecosystem with OQ’s global operating
210,000 bpd according to FGE, reaching a platform and industry-leading expertise.

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