Europe's biggest Russian gas buyers were racing to find alternative fuel supplies and even looking at burning more coal to cope with reduced gas flows from Russia on Monday that threaten an energy crisis in winter if stores are not refilled.
Iraqi authorities have reported a major increase in the supply of natural gas from neighboring Iran two days after the Arab country settled nearly $1.6 billion of arrears it owed Iran for previous gas imports, according to a report by Iraq’s NINA news agency.
Managing Director of Iran Gas Engineering and Development Company (IGEDC) Reza Noshadi said 85 percent of the equipment used in the country’s natural gas pressure boosting stations is supplied by domestic manufacturers.
The National Iranian Gas Company dispatching director said the NIGC is ready to supply between 280-300 million cubic meters (mcm) of natural gas to the country’s power plants on a daily basis during the summer.
Iranian Oil Minister Javad Owji said the country has reached agreements with Turkmenistan and Azerbaijan to double the amount of natural gas exchanged between the three as part of a deal reached in November.
Iran and Oman agreed to divide the Hengam gas field in the Persian Gulf on an 80:20 formula as part of a recent contract signed between the two countries to jointly develop the field, said an industry source.
Russia claimed victory in a months-long battle for Mariupol’s Avostal steel plant, taking it a step nearer to its goal of controlling Ukraine’s Donbas region, and halted gas exports to Finland in an escalation of an energy payment dispute with Western nations.
The National Iranian Gas Company (NIGC) will add around 45 million cubic meters (mcm) per day to the country’s natural gas output in the year to March 2023, said the CEO of the state-run company as he indicated that Iran’s gas supply to Iraq and Turkey may increase in the future.
Oil jumped almost 5% on Wednesday after plunging nearly 10% in the last two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo.
Iran’s giant South Pars Gas Field Phase 11 to produce 14 million cubic meters (mcm) per day by the end of the current Iranian year (March 20, 2023), announced an official with the National Iranian Oil Company (NIOC).