Iran has announced the resumption of swaps of crude oil for petroleum products with the Caspian littoral states – Turkmenistan and Kazakhstan, after a five year suspension.
Brazil has agreed to set up a Joint Oil Committee with Iran.
Lukoil—the second largest oil producer in Russia—sold its stake in Kazakh oil company Caspian Investments Resources to China Petroleum & Chemical Corporation, reported UPI.
Iran has marked resumption of Caspian oil swaps by taking delivery of the first gasoline cargo since 2010 when such deals were halted, local media said on Wednesday.
Iran says it will expand exploration activities in the Caspian Sea as part of plans to discover new oil and gas fields.
North Drilling Co. has spudded a third exploratory well on the Sardar-e-Jangal oil field in the Iranian sector of the Caspian Sea.
French supermajor Total has announced a major natural non-associated gas find in the Absheron block of the Azeri Caspian Sea.