World of Oil ///

Iran, China sign South Pars deal Iran signed a $5 billion contract with China National Petroleum Corp. (CNPC) to develop Phase 11 of South Pars Field. Following Total’s nine-year delay to implement the development project, Iran’s contract with CNPC was signed by the managing director of the National Iranian Oil Company (NIOC), Seifollah Jashnsaz, and the managing director of CNPC. Citing Jashnsaz in a statement on its website, NIOC said the project will produce 70.6 Bcf of natural gas and 70,000 bbl of gas condensate per day. Russian gas output falls Russia’s natural gas production declined sharply in May as the country cut output in response to plunging demand in Europe and at home. Natural gas production at Russia’s Gazprom reached new 10-year lows to just 34.6 Bcfgd, down 14% from April and 34% from May last year. However, oil production in May stood at 9.84 million bpd, unchanged from April this year and up 1% year-on-year.

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