Iran claims a new natural gas discovery would add an estimated 10 trillion cubic feet to its gas reserves and could help offset an expected energy imbalance. Iran has discovered significant gas and oil reserves at the Pazan field in the southern part of the Fars province, Iranian Oil Minister Mohsen Paknejad said on Monday. “Exploration efforts in the Pazan field, in southern Fars Province and extending toward northern Bushehr, have led to this important discovery,” Shana, the news service of Iran’s oil ministry, quoted the minister…

Iran claims a new natural gas discovery would add an estimated 10 trillion cubic feet to its gas reserves and could help offset an expected energy imbalance. Iran has discovered significant gas and oil reserves at the Pazan field in the southern part of the Fars province, Iranian Oil Minister Mohsen Paknejad said on Monday. “Exploration efforts in the Pazan field, in southern Fars Province and extending toward northern Bushehr, have led to this important discovery,” Shana, the news service of Iran’s oil ministry, quoted the minister…

Iraq’s 11 November parliamentary elections could mark the key turning point in the country’s history since the ousting of former president Saddam Hussein in April 2003. The nationwide ballot of around 21 million registered voters will determine the occupants of its 329-seat Council of Representatives (the de facto parliament), which will then elect a president. He will subsequently nominate a prime minister, who in turn will have to be approved by an absolute majority of the Council. Each step of this process is likely to be complicated…

More crude oil from Russia has become available for Indian refiners as Ukrainian drone attacks have reduced the Russian refining capacity, an Indian government official Reuters on Monday. Since the Russian invasion of Ukraine, India has relied on the discounted Russian crude banned in the West to reduce its crude import bill. Indian refiners have significantly increased their purchases of Russian crude, making India the second-largest buyer of Russia’s oil, behind only China. However, the Trump Administration, facing difficult trade negotiations…

The election victory this weekend of right-wing populist Andrej Babis risks turning the Czech Republic into another Central European problem child for Brussels after he campaigned on vows to slash support for Ukraine and confront the EU over immigration and environmental policies. Babis, a former prime minister and billionaire sometimes referred to in the media as the Czech Donald Trump, easily took the most votes with his ANO (YES) party garnering 35 percent. A triumphant Babis said after the results came in that he would seek a one-party minority…

Italy’s Eni has restarted drilling operations offshore Libya after a five-year break prompted by the Covid pandemic. The National Oil Corporation of Libya said that the Italian supermajor had started drilling at Block 16/4 in the northwestern part of the country’s territorial waters and will soon complete work on the exploration well that was started back in 2020. The return of Eni to Libya follows other Big Oil majors, including Shell and BP, which earlier this year signed new deals with the Libyan government for exploration works…