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Iran announced on Sunday that it has discovered a new natural gas reserve with the capacity to produce nearly 400 million barrels of gas condensate, which could generate a total of $40 billion. The natural gas field, named Eram, is located near the Persian Gulf in the southwestern province of Fars and holds about 19 trillion cubic feet of gas, National Iranian Oil Company (NIOC) Deputy Managing Director Reza Dehghan said at a press conference. "We have the potential to identify more undiscovered oil and gas reserves (in the country) by using geophysical exploration techniques and discovery drilling and will...

The sins of former President Obama are just now beginning to surface. We know that Obama targeted George Papadopoulos first to stop the construction of Israel’s natural gas pipeline to Europe in favor of Iran’s pipeline. Then Obama targeted Papadopoulos a second time to prevent candidate Trump from being President! The pieces are all starting to fall together and Obama and his gang can’t make it stop. The most corrupt President in US history, Barack H. Obama, will soon be known as the biggest crook to enter the Oval Office. One individual who was targeted by Obama will be the...

China National Petroleum Corp has pulled out of a deal to develop Iran’s South Pars field. Photo: APChina National Petroleum Corp has pulled out of a deal to develop Iran’s South Pars field. China National Petroleum Corp has pulled out of a deal to develop Iran’s South Pars field. Photo: AP Chinese state-owned oil company China National Petroleum Corporation has pulled out of a US$5 billion deal to develop a portion of Iran’s massive offshore natural gas field, the Islamic Republic’s oil minister said on Sunday, after France’s Total SA earlier withdrew from the agreement over US sanctions. The South...

Iranian Oil Minister Bijan Zanganeh says China's national petroleum company has pulled out of a $5 billion deal to help develop Iran's giant South Pars natural gas field in the Persian Gulf. The development, announced by Zanganeh on the ministry's SHANA website, comes amid economic pressure on both Iran and China from the United States. It also follows a series of military confrontations in the area between Iran and the naval forces of Britain and the United States. The China National Petroleum Corporation (CNPC) became the dominant investor in plans for the expansion of South Pars, the world’s largest gas...

IRAN AWARDS ENERGY BIDS TO WESTERN MAJORS NICOSIA [MENL] -- Iran has decided to award energy development contracts to Western majors. An Iranian state oil firm said the Oil Ministry would grant Total, Royal Dutch Shell and Repsol upstream development contracts in the South Pars gas field in the Gulf. The Pars Oil and Gas Co. said the three Western contractors would develop phases 11 and 13 of South Pars. France's Total was expected to be awarded the contract to develop Phase 11 of South Pars, regarded as the largest reservoir of natural gas in the world. Iran wants Total...

A Paris judge has launched an investigation into allegations that Total, the French oil and gas group, paid bribes to win a $2bn gas contract in Iran almost a decade ago. The move is a further blow for Christophe de Margerie, Total's head of exploration and production, who was involved in negotiating the Iranian South Pars contract and is due to take over as chief executive in February. Mr de Margerie, head of Total's Middle East activities from 1995 to 1999, is facing separate charges over allegations that he was involved in corruption during the scandal-plagued UN oil-for-food programme in...

KUALA LUMPUR, Malaysia - A fire in a movie complex in Malaysia's iconic Petronas Twin Towers late Friday night triggered widespread panic among patrons who fled screaming and coughing from the thick, acrid smoke, witnesses said. There were no immediate reports of injury. Hundreds of people rushed out of several theaters on the third floor of the Suria KLCC shopping mall in the twin towers a little before midnight after dark gray smoke engulfed hallways, foyers and the cinemas, they said.

Total's CEO Charged in Iran Probe By PIERRE-ANTOINE SOUCHARD The Associated Press Thursday, March 22, 2007; 6:26 PM PARIS -- An investigating judge filed preliminary charges Thursday against the chief executive of Total SA in a corruption case linked to a 1997 contract with Iran, the company and judicial officials said. Preliminary charges were filed against Total Chief Executive Christophe de Margerie for alleged abuse of company assets and corruption of foreign agents, the judicial officials said. They were not authorized to speak publicly about the case and provided information only on condition of anonymity. De Margerie, who replaced Thierry...