A senior Iraqi energy official has said that oil could be sent from Kirkuk in the north of Iraq to Iran's Kermanshah refinery in the coming weeks.

The Nigerian National Petroleum Corporation (NNPC) has saved the country $336.4m between April and July of 2016 by stoping the controversial contract for petroleum product import called crude oil swap.

Naftiran Intergraded Company Sàrl, Swiss-based subsidiary of the National Iranian Oil Company (NIOC), and France's Total will sign oil swapping deal for around 200,000b/d.

Iran is expected to begin implementing the oil swap agreement with Azerbaijan in March, after a gap of five years.

Russia paved the way on Monday for missile system deliveries to Iran and started an oil-for-goods swap, signaling that Moscow may have a head-start in the race to benefit from an eventual lifting of sanctions on Tehran.

LGO Energy has announced that its wholly owned subsidiary, Goudron E&P Limited, has now drawn an initial $11.78 million from the $25 million pre-paid oil swap facility agreement with BNP Paribas to fully fund the planned 2015 development drilling programme in the Goudron Field onshore Trinidad.