Page 22 - MEOG Week 03 2021

MEOG NEWS IN BRIEF MEOG

debt structure this year, whereby debt will be “We have projects in the form of annual phase of the project will be completed with
replaced with debt without the issuance of financial and operational programs that the construction of two 36-inch offshore
fresh equity. The $150 million Karish North are pursued and include above-ground and pipelines with a length of approximately 12
field, which was discovered less than two years underground sections such as well operations, km and a single buoy mooring with ancillary
ago and is expected to produce 3 billion cubic facilities and pipelines,” he explained. equipment. The head of Jask Oil Terminal
metres a year, is due to start production in the Iran’s oil exports have declined significantly Development Project stated that the early-
second half of 2023, the company said in a in the current Iranian calendar year (ends production phase of Jask Oil Terminal
statement. The final investment decision had on March 20) due to U.S. sanctions, but has Development Project is 70% complete, and
been expected by the end of 2020. never fully stopped. Reuters confirmed in said the project is expected to come online by
REUTERS September 2020 that Iran’s oil exports had late March. The official added that the project
risen sharply in the mentioned month, to an would create 1,200 direct jobs.
estimated 1.5 million barrels per day. The export terminal is being constructed
OIL Last week, NIOC signed eight deals worth as the last piece of a national and strategic
€1.2 billion with domestic companies for scheme to diversity Iran’s export terminals
Iran ready to raise oil developing the country’s oil fields. and reducing its dependency on the Strait of
Hormuz.
The mentioned contracts were inked
output to pre-sanction level by NISOC and the Iranian Offshore Oil pipeline.
The terminal is to be fed by Goreh-Jask oil
Company (IOOC), as employers, and eight
Managing director of National Iranian South domestic companies for the maintenance of SHANA
Oil Company (NISOC) said on Sunday the production level and increasing recovery
that Iran is ready to rapidly increase its oil factor of several oil fields.
production back to the pre-sanction levels, TEHRAN TIMES GAS
IRNA reported.
“Iran is ready to halt the deliberate Offshore pipe-laying kicks Explosion reported on gas
reduction in oil production and increase its
output to 95 percent of the pre-sanction level off at Jask terminal line between Egypt and
in just one day,” Ahmad Mohammadi said.
The official noted that more than 80 The head of Jask Oil Terminal Development Israel
percent of the country’s oil production Project announced the start of the offshore
capacity comes from the southern oil-rich pipeline operations of the early production An explosion was reported on a natural gas
regions, adding: “Given the government’s goal phase of the project. line between Egypt and Israel in the northern
of exporting 2.3 million barrels of oil and According to Pars Oil and Gas Company, Sinai Peninsula on Sunday night, according to
gas condensate per day during the [Iranian Vahid Maliki, on the sidelines of the offshore foreign reports.
calendar] year 1400 (begins on March 21), pipe-laying operation of the project, said: Images reportedly from the area showed
a big share of the mentioned figure will be “With favorable weather conditions and a large fireball that could be seen from a
produced in the southern oil-rich regions.” initial preparations made in recent days, distance. The explosion took place between
Mentioning the deals signed between shore pulling operation leading to the first the cities of Arish and Bir al-Abd in the
the National Iranian Oil Company (NIOC) single buoy mooring of the Jask oil terminal, northern Sinai peninsula, according to Al-
and domestic contractors for developing the 2.5 km long, was launched in the wee small Araby Al-Jadeed.
country’s oil fields, Mohammadi said: “In hours of Tuesday, January 19 by the C master No group has taken responsibility for
addition to the projects for increasing oil pipe layer.” He called implementation of the incident, although ISIS has targeted the
production, which were awarded last week, we this operation the first part of the offshore pipeline in the past, including in an incident
have other plans to maintain the production development of Jask Oil Terminal, and added in late December.
levels as well.” the offshore section of the early-production JERUSALEM POST

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