Category: Oil and Gas business

World’s largest natural gas field. The Iranian South Pars field is the northern extension of Qatar’s giant North Field. It covers an area of 500 square miles and is located 3,000m below the seabed at a water depth of 65m. The Iranian side accounts for 10% of the world’s and 60% of Iran’s total gas reserves. Iran’s portion of the field contains an estimated 436 trillion cubic feet. The field is planned to be developed in around 30 phases, each of which will require an initial investment of around $1bn. Total investment will range between $30-50 billion.

Israel and Palestine agree to establish an Israeli-Palestinian committee for economic co-operation, focusing, among other things, on the following: Co-operation in the field of energy, including an energy development program, which will provide for the exploitation of oil and gas for industrial purposes, particularly in the Gaza Strip and in the Negev, and will encourage further joint exploitation of other energy resources. This Program may also provide for the construction of a petrochemical industrial complex in the Gaza Strip and the construction of oil and gas pipelines.

The world’s largest offshore oil rig builder

Royal Dutch Shell, Europe’s largest oil company, made a natural gas discovery (June 2009) at a record depth of 1,376 meters (4,515 feet), the greatest water depth ever in Norway, in the northern Norwegian Sea that may equal the size of Norway’s annual production of the fuel. The find was made in the Gro prospect 360 km offshore Broennoeysund in Nordland and is estimated to hold 10 to 100 billion standard cubic meters of recoverable gas. The country had a net gas output of 99 billion cubic meters in 2009. The find may the biggest since Ormen Lange in 1997

Imports and supplies all of the oil products in the Palestinian Authority