Pars Oil and Gas Company (POGC) has put development of Farzad B joint gas field high on its agenda, POGCs managing director says.

First Vice-President Eshaq Jahangiri says that the natural gas distribution network in Iran is one of the world’s most formidable ones.

Iran is to launch gas pressure station facilities on Thursday in order to boost its gas delivery capacity by 50 million cubic meters.

Iran says it will start production of 35,000 barrels/day of crude oil from the oil layer of the supergiant South Pars Gas Field.

Iran says it will add at least 16 million liters to its gasoline output in the near future once new refining projects come online across the country.

Iranian President Hassan Rouhani said Tehran is ready to swap oil and petroleum products with Azerbaijan, expressing hope for further cooperation between the two neighboring countries.

Iranian Minister of Petroleum Bijan Zangeneh says Tehran is interested in joining the South African crude oil market.

Deputy Minister of Petroleum in International Affairs and Trading Amir Hossein Zamaninia said the Iranian Ministry of Petroleum is in talks with investors to sign 25 deals valued at 85 billion dollars collectively.

Iran has discovered major reserves of shale oil in the western parts of the country with a top official saying that the reserves are the first that have a feasible potential for production.

Too expensive crude oil does increase revenues of the Organization of the Petroleum Exporting Countries (OPEC) but would ultimately damage their economies because the rivals will increase output at high oil prices, Iranian Minister of Petroleum Bijan Zangeneh said.