Global technology powerhouse Siemens has announced plans to install the world’s first lithium-ion battery solution for an offshore drilling rig.

Extracting gas from new sources is vital in order to supplement dwindling conventional supplies. Shale reservoirs host gas trapped in the pores of mudstone, which consists of a mixture of silt mineral particles ranging from 4 to 60 microns in size, and clay elements smaller than 4 microns.

Born in 1908, Iran’s petroleum industry went through ups and downs during the first four decades of its life.

Iranian Minister of Petroleum Bijan Zangeneh said the outcome of 175th OPEC Meeting served Iran’s interests as well as those of the organization.

Iran managed to secure exemption from an agreement by OPEC members to reduce their oil production to prevent supply glut and bolster the prices.

It would be natural for Iran, which is faced with US sanctions, to be excluded from any OPEC decision to cut the group’s oil output, Iranian Minister of Petroleum Bijan Zangeneh said.

Iranian Minister of Petroleum Bijan Zangeneh said the country would support OPEC stance in the market but would not participate in any OPEC deals so long as Tehran is subject to sanctions.

Iranian Minister of Petroleum Bijan Zangeneh appointed Masoud Karbasian as the new CEO of the National Iranian Oil Company (NIOC) on Sunday.

National Iranian Oil Company (NIOC) CEO Ali Kardor delegated his powers as the company’s CEO to his deputy for production affairs, Mohsen Paknejad, on Tuesday.

The National Iranian Oil Company (NIOC) intends to continue offering oil cargoes on the Iran Energy Exchange (IRENEX), a senior NIOC official said.