Page 23 - MEOG Week 01 2021

MEOG NEWS IN BRIEF MEOG

Oil Company (NIOC), is one of the world’s while West Texas crude dropped 90 cents to to the SPM No. 1 of the South Pars Phase 12
largest offshore oil-producing companies. The reach $47.62 pb. to be loaded for exports, and the second SPM
company accounts for one-third of the Iranian KUNA is also going to be connected to the site by a
oil exports, operating on the Iranian side of 36-inch subsea pipeline with a length of 6.8
the Persian Gulf and Oman Sea. km.
TEHRAN TIMES GAS The new SPM is also intended to increase
the operational flexibility for gas condensate
Kuwait oil minister expects SPM to boost South Pars exports by making POGC able to carry out
periodic facility repairs on both SPM systems,
gradual recovery in oil condensate exports and will also prevent the deterioration of
condensate measuring and loading equipment
demand Iran’s Pars Oil and Gas Company (POGC), by balancing the operational loads between
the two systems.
which is in charge of developing the country’s
Kuwait’s oil minister said on Monday that he giant South Pars gas field in the Persian Gulf, In late December 2020, Iran inaugurated
expects a gradual recovery in oil demand, has installed a second single-point-mooring its strategic gas condensate storage facilities
particularly in the second half of 2021, as (SPM) system at Site 2 of the mentioned field in the South Pars region in a move to boost
many countries around the world start to to facilitate gas condensate exports from the the storage and exports of the mentioned
distribute coronavirus vaccines, state news region. commodity.
agency KUNA reported. According to the POGC office of Public With a nominal capacity of 640,000 cubic
REUTERS Relations, this SPM, with a loading capacity meters (four million barrels), the mentioned
of 7,000 cubic meters per hour of gas storage facilities and gas condensate
Kuwaiti oil up $2.11 per condensate, was installed by the Sea Master measuring stations have been constructed to
Vessel in its designated place in the Persian
store gas condensate produced by South Pars
barrel Gulf waters on Monday. refineries.
With the installation of this new SPM
The mentioned storages are able to supply
The price of Kuwaiti oil barrel rose $2.11 system, the construction and quality tests of 480,000 barrels of gas condensate to the
to stand at $52.75 per barrel on Monday, which were carried out by a foreign company Persian Gulf Star Refinery on a daily basis and
compared with $50.64 pb last Thursday, said and was delivered to Iran in May 2020, the also are able to send gas condensate to the
Kuwait Petroleum Corporation (KPC) on loading capacity of the gas condensate at the mentioned SPM systems via pipelines.
Tuesday. South Pars phases will increase significantly. TEHRAN TIMES
In international markets, Brent crude oil Currently, the gas condensate produced at
went down 71 cents to reach $51.09 per barrel, Pars 2 region is sent through a subsea pipeline

Week 01 06•January•2021 www. NEWSBASE .com P23