TEHRAN: National Iranian Oil Company (NIOC) is negotiating with the Philippines over exporting four million barrels of crude oil per month to the country.
According to details, NIOC is in talks with Philippines’ National Oil Company (PNOC) to export 4 million barrels per month. PNOC is one of the 11 companies in a consortium of international companies, known as Pergas, which has signed a non-disclosure agreement (NDA) with the National Iranian South Oil Company (NISOC) for carrying out studies over two oilfields in Iran.
Based on the deal the consortium will have 6 months to hand over the result of its studies on the fields to the NISOC. Pergas may submit its proposal for development of the fields sooner if it is ready.
Iran as a member of the Organization of the Petroleum Exporting Countries (OPEC) won an exemption from the group’s production cuts agreed on Nov. 30 and may raise output slightly.
Iran as OPEC’s third-largest oil producer exports more than 500,000 barrels per day of refined products including fuel oil, petroleum gas and naphtha to Asian markets.
Sanctions over Iran were lifted in January 2016 under a deal reached between Iran and six major powers in 2015 aimed at curbing the country’s nuclear program.
