Honghua Group was awarded a contract worth more than US$300mn by National Drilling Company (NDC) to provide drilling rigs suitable for working on islands.

National Iranian Oil Company (NIOC) and Russias Tatneft agreed a deal worth around US$700mn to develop the Zagheh heavy crude oilfield based in southwest Iran.

OPEC ministers agreed to a new crude production ceiling of 30mn bpd that covers all 12 members, including Libya and Iraq.

Shell and Turkish Petroleum Corporation (TPAO) signed a deal to conduct oil and natural exploration in the south east of the country and off its Mediterranean coast.