Latest news with #SouthPars
LBCI
3 days ago
- Business
- LBCI
Qatar says its output at gas field shared with Iran is steady, following Israeli strike
Qatar said on Tuesday its gas production at the South Pars field is steady and supply is proceeding normally, after the world's largest gas field was struck by Israel on Saturday, prompting Iran to partially suspend its production. Qatar, the world's third biggest liquefied natural gas exporter after the U.S. and Australia, shares the South Pars gas field with Iran. Iran partially suspended production at the field after an Israeli strike caused a fire on Saturday. "So far, gas supplies are proceeding normally. However, the ill-advised targeting raises concerns for everyone regarding gas supplies," Qatar foreign ministry spokesperson Majed Al-Ansari said. "This is a reckless move... The companies operating in the fields are international, and there is a global presence, especially in the North Field," he said during a weekly press briefing in Doha.
Khaleej Times
3 days ago
- Business
- Khaleej Times
Israel-Iran conflict: Which energy sites are impacted by air war so far?
[Editor's Note: Follow the KT live blog for live updates on the Israel-Iran conflict.] Military strikes between Iran and Israel have prompted concern about potential damage and disruption to the region's important oil and gas fields and infrastructure. Below are details about these sites and about how they have been affected so far: South Pars gas field Israel struck an installation at the South Pars offshore gas field on June 14 where Iran has partially suspended production. South Pars is part the world's largest natural gas reserve, which Iran shares with Qatar. The attack struck four units of Phase 14 of South Pars, around 200 kilometres from Qatar's installations, many of which are joint ventures with international firms, including U.S. giants ExxonMobil and ConocoPhilips. South Pars makes up around a third of the world's largest reservoir of natural gas. Iran shares the reservoir with major gas exporter Qatar, which calls its field the North Dome. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Sanctions and technical constraints have meant most gas Tehran produces there is used domestically but it also exports some. Iran exported about 15.8 billion cubic metres of gas in 2023, according to data by the Gas Exporting Countries Forum, a grouping of gas exporter nations. The entire reservoir contains an estimated 1,800 trillion cubic feet of usable gas - enough to supply the world's needs for 13 years, or to generate enough electricity to supply the U.S. for more than 35 years. Tehran fuel depot and oil refinery Israel struck a Tehran fuel depot and an oil refinery near the capital on June 14, Iran said, but authorities said the situation was under control. Haifa oil refinery Israel's Bazan Group shut down its Haifa oil refinery, the country's largest, on June 16 after its power station was damaged in an Iranian attack. The refinery has a crude processing capacity of 197,000 barrels per day (bpd). Iran's oil Iran is OPEC's third-largest oil producer and extracts about 3.3 million bpd of crude oil, and another 1.3 million bpd of condensate and other liquids, totalling about 4.5% of global supplies. Its exports in recent months have reached 1.8 million bpd, their highest level since 2018, data from Kpler showed, driven by strong Chinese demand. Iran's production facilities are primarily in the southwest, in Khuzestan province, and in Bushehr province for gas and condensate from South Pars. It exports 90% of its crude via Kharg Island. The US tightened sanctions on Tehran in 2018 after US President Donald Trump exited a nuclear accord. Analysts have said that oil prices could surge to over $100 a barrel due to the Israel-Iran air war, even though there is plentiful spare capacity and ample storage. Iran's oil exports fell to nearly zero but rebounded under US President Joe Biden, with analysts saying sanctions were less rigorously enforced and Iran succeeded in evading them. Iran is exempt from OPEC+ output restrictions and China does not recognise the sanctions imposed on Tehran, meaning some Chinese private refiners have been placed on the U.S. Treasury's sanctions list. Analysts say Saudi Arabia and other OPEC members could compensate for any drop of Iranian supply by using their spare capacity to pump more.
Reuters
3 days ago
- Business
- Reuters
Iranian and Israeli energy sites impacted by conflict
June 17 (Reuters) - Military strikes between Iran and Israel have prompted concern about potential damage and disruption to the region's important oil and gas fields and infrastructure. Below are details about these sites and about how they have been affected so far: Israel struck an installation at the South Pars offshore gas field on June 14 where Iran has partially suspended production. South Pars is part the world's largest natural gas reserve which Iran shares with Qatar. The attack struck four units of Phase 14 of South Pars, around 200 kilometres from Qatar's installations, many of which are joint ventures with international firms, including U.S. giants ExxonMobil and ConocoPhilips. Israel struck a Tehran fuel depot and an oil refinery near the capital on June 14, Iran said, but authorities said the situation was under control. Israel's Bazan Group shut down its Haifa oil refinery, the country's largest, on June 16 after its power station was damaged in an Iranian attack. The refinery has a crude processing capacity of 197,000 barrels per day (bpd). South Pars makes up around a third of the world's largest reservoir of natural gas. Iran shares the reservoir with major gas exporter Qatar, which calls its field the North Dome. Sanctions and technical constraints have meant most gas Tehran produces there is used domestically but it also exports some. Iran exported about 15.8 billion cubic metres of gas in 2023, according to data by the Gas Exporting Countries Forum, a grouping of gas exporter nations. The entire reservoir contains an estimated 1,800 trillion cubic feet of usable gas - enough to supply the world's needs for 13 years, or to generate enough electricity to supply the U.S. for more than 35 years. IRAN'S OIL Iran is OPEC's third largest oil producer and extracts about 3.3 million bpd of crude oil, and another 1.3 million bpd of condensate and other liquids, totalling about 4.5% of global supplies. Its exports in recent months have reached 1.8 million bpd, their highest level since 2018, data from Kpler showed, driven by strong Chinese demand. Iran's production facilities are primarily in the southwest, in Khuzestan province, and in Bushehr province for gas and condensate from South Pars. It exports 90% of its crude via Kharg Island. The U.S. tightened sanctions on Tehran in 2018 after U.S. President Donald Trump exited a nuclear accord. Iran's oil exports fell to nearly zero but rebounded under U.S. President Joe Biden, with analysts saying sanctions were less rigorously enforced and Iran succeeded in evading them. Iran is exempt from OPEC+ output restrictions and China does not recognise the sanctions imposed on Tehran, meaning some Chinese private refiners have been placed on the U.S. Treasury's sanctions list. Analysts say Saudi Arabia and other OPEC members could compensate for any drop of Iranian supply by using their spare capacity to pump more.
Reuters
3 days ago
- Business
- Reuters
Qatar says its output at gas field shared with Iran is steady, following Israeli strike
DUBAI, June 17 (Reuters) - Qatar said on Tuesday its gas production at the South Pars field is steady and supply is proceeding normally, after the world's largest gas field was struck by Israel on Saturday, prompting Iran to partially suspend its production. Qatar, the world's third biggest liquefied natural gas exporter after the U.S. and Australia, shares the South Pars gas field with Iran. Iran partially suspended production at the field after an Israeli strike caused a fire on Saturday. "So far, gas supplies are proceeding normally. However, the ill-advised targeting raises concerns for everyone regarding gas supplies," Qatar foreign ministry spokesperson Majed Al-Ansari said. "This is a reckless move... The companies operating in the fields are international, and there is a global presence, especially in the North Field," he said during a weekly press briefing in Doha. The South Pars field is located offshore in Iran's southern Bushehr province and is responsible for the bulk of gas production in Iran, the world's third largest gas producer after the United States and Russia. Critical energy infrastructure in Israel and Iran has not escaped unscathed from the first few days of the countries' conflict. U.S. President Donald Trump said he wanted a "real end" to the nuclear dispute with Iran, and indicated he may send senior American officials to meet with Islamic Republic officials as the Israel-Iran air war raged for a fifth straight day on Thursday.
Gulf Business
3 days ago
- Business
- Gulf Business
Oil prices rise as Iran-Israel crisis escalates
Image: Getty Images/ For illustrative purposes Oil prices rose on Tuesday on rising disruptions from the Iran-Israel conflict, although major oil and gas infrastructure and flows have so far been spared from any substantial impact. Brent crude futures climbed $1.23, or 1.7 per cent, to $74.46 a barrel as of 1023 GMT. US West Texas Intermediate crude was up $1.08, or 1.5 per cent, at $72.85. Both contracts rose more than 2 per cent earlier in the trading session but also notched declines before bouncing back in volatile trading. While no visible interruption was noticed in oil flows, Iran partially suspended gas production at the South Pars gas field that it shares with Qatar, after an Israeli strike caused a fire there on Saturday. Israel also hit the Shahran oil depot in Iran. 'The market is largely worried about disruption through (the Strait of) Hormuz but the risk of that is very low,' said Saxo Bank analyst Ole Hansen. There is no appetite around closing the waterway since Iran would lose revenue and the US wants lower oil prices and wants to lower inflation, Hansen said. Oil tanker accident in Hormuz Two oil tankers collided and caught fire on Tuesday near the Strait of Hormuz, where electronic interference has surged, highlighting the risks to companies moving oil and fuel supplies in the region. Despite the potential for disruptions, there are signs oil supplies remain ample amid expectations of lower demand. In its monthly oil report released on Tuesday, the Investors were also focused on central bank interest rate decisions, Tamas Varga, analyst at PVM Associates said in a note, with the US Federal Open Market Committee, which guides the Federal Reserve's
