Iran president: State firm found new oilfield with 53 billion barrels of crude

DUBAI—Iran has discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said on Sunday.

"Workers and the exploration arm of the National Iranian Oil Co. . . . have found an oilfield with 53 billion barrels of reserves," Rouhani said in a televised speech in the central city of Yazd.

The field stretches over 2,400 sq km in the oil-rich Khuzestan province, Rouhani said.

Iran ranks as the world’s fourth–largest reserve holder of oil, and the second-largest holder of gas reserves, according to the U.S. Energy Information Administration (EIA).

Iran had an estimated 157 billion barrels of proved crude oil reserves in January 2018, the EIA website said.

Since withdrawing from Iran's 2015 nuclear deal with world powers, the United States has reimposed sanctions to strangle its vital oil trade.

(Reporting by Dubai newsroom; Editing by Elaine Hardcastle)

source: news.abs-cbn.com

Eastern Petroleum aims for 100 stations after record revenues in 2011

MANILA - Eastern Petroleum Corp. plans to double its retail network after hitting record sales a year ago.

Fernando L. Martinez, Eastern Petroleum chairman and chief executive officer, said the company's revenues rose 9.3 percent from P3.2 billion in 2010 to P3.5 billion in 2011, the highest since it entered the market 15 years ago.

Its net income however fell to P41 million, less than half its P100 million target owing to the company's aggressive property acquisitions.

Martinez said the company will increase its fuel stations to 100 from the current 40 to support its growth momentum.

Of the target, Eastern Petroleum already identified 30 new sites that will be completed withinin the first half of 2013.

"These are all part of P500 million capital expenditures for 2012 financed by both internally generated revenue and bank credits reported by the company at the beginning of the year," Martinez said.

Eastern Petroleum's retail expansion is geared towards the Visayas and Mindanao although the company plans to put up another oil terminal in Luzon to support its operations.

Martinez said the company's expansion aims to boost its presence in the least served areas of the country, "thereby contributing in market efficiencies beneficial to consumers."

source: interaksyon.com

Gas, diesel prices seen dipping this week

MANILA, Philippines - Hefty rollbacks in the prices of gasoline and diesel---as much as P1.75-P2.00 a liter for gas---may be expected this week, the Department of Energy said Monday.

Slowing demand in other countries accounts for the expected decline in local market prices, said Director Zenaida Monsada of the DOE.Per estimates of sources in the oil industry, the market could expect gasoline prices to decline by P1.75-P2.00/L and for diesel, by P0.75-1.00/L.

It will be the 12th such rollback this year.

The Department of Energy explained that demand was substantially reduced in the United States and Europe, both going through a rough economic patch.

Despite the impending cutback in local oil prices, the DOE advised the public to continue practicing energy conservation measures, saying world prices remain volatile.

"These levels we are seeing these days are way below the ideal levels of producing countries, so we don't know if at this point they will start applying a correction," said Monsada.

source: interaksyon.com