Page 13 - MEOG Week 22 2022

MEOG NEWS IN BRIEF MEOG

POLICY lasted for more than five hours, reports Al-Rai OIL
daily quoting sources.
Iran oil minister meets proposal to obtain licenses for certain workers Iran claims capacity
Sources revealed the board approved the
Kazakhstan energy minister after reviewing the rules and regulations, as increase but data shows
well as the report of the delegated members in
in Baku this regard. Sources affirmed the proposal has otherwise
been forwarded to Deputy Prime Minister,
Iranian Oil Minister, Javad Owji, met Minister of Oil, State Minister for Cabinet Iran’s oil minister claimed Thursday that both
with Kazakhstan Energy Minister, Bulat Affairs and Board Chairman Dr Muhammad crude and natural gas production capacity
Aqchulaqov, on Thursday on the sidelines of Al-Fares for final approval. has increased, amid anticipated energy price
Baku Energy Forum. The two sides discussed Sources said the board also tackled the problems for the world.
bilateral cooperation in oil industry’s lack of liquidity to pay the loan of Vietnam Minister Javad Owji who was attending
upstream and downstream sectors and various refinery, as it was agreed with the partners to the Baku Energy Forum in Azerbaijan said
energy trade. They also emphasized the great postpone the payment due on Tuesday until that daily oil production capacity has reached
potentials for joint cooperation in different oil November. 4 million barrels and gas production capacity
and gas areas and talked about their various Sources clarified the creditors understand stands at one billion cubic meters.
capacities for collaboration. the refinery’s liquidity crisis, considering it However, the concept of production
Iran’s Oil Minister is in Azerbaijan to has started operating with good profitability; capacity does not mean the practical ability to
participate in Baku Energy Week and hold hence, there is a bigger chance it can pay in actually reach the full limit. For example, Iran
talks with officials attending the three-day November. formally says its electricity generation capacity
international event. The board talked about the challenges and is 85,000 megawatt hours a day, but its real
The events are held on June 1-3, 2022 obstacles that Kuwait Oil Company (KOC) production is around 55,000, with regular
with the support of the Ministry of Energy is facing in increasing oil production in shortages and blackouts during peak winter
of the Republic of Azerbaijan and the State accordance with its strategy and increasing and summer seasons.
Oil Company of the Republic of Azerbaijan the price of a barrel of oil; especially since the After the Russian invasion of Ukraine,
(SOCAR). The Caspian Oil and Gas company has looked into the most serious Iranian officials have been periodically hinting
Exhibition is the first exhibition held since the obstacles to achieving its goals internally or at the need for Iran’s oil and gas, considering
independence of the Republic of Azerbaijan externally. KOC officials have attributed the current high prices and Europe’s quest to
annually in which over 250 companies of the external challenges to several factors like the reduce imports from Russia.
world will take part. restrictions imposed by regulatory authorities Iran is currently producing around 2.5
SHANA that slowed down the completion of its million barrels of oil per day, exporting just
projects, sources disclosed. under one million barrels and consuming
Sources said the board will hold another most of the rest. Without United States
COMPANIES meeting with KOC officials to discuss possible sanctions on Iran’s oil exports Iran could
solutions, including the possibility of using perhaps produce another one million barrels
KPC approves proposal to a specialized external team to re-evaluate per, as was the case in 2017 before the
capabilities. However, it seems this proposal
sanctions, when its production was around
obtain licences for workers will most likely be rejected as it happened 3.5 million barrels and exports just above 2
million.
earlier in the northern fields, sources added.
The Board of Directors of Kuwait Petroleum ARAB TIMES Recently announced figures by the head of
Corporation (KPC) discussed three main Iran’s natural gas distribution system indicate
issues in its recently concluded meeting that that a little over 700 million cubic meters of

Week 22 01•June•2022 www. NEWSBASE .com P13