Oil Reserves157.8 billion barrels
Oil Production3.62 million bopd
Gas Reserves32.1 tcm
Gas Production256.7 bcm
Iran holds the world’s second-largest natural gas reserves and its fourth-largest oil reserves. The country has been one of the world’s top oil producers for a century and has great potential to expand its gas output as most of its extensive reserves remain undeveloped.
Iran’s oil and gas industry is undergoing major changes. Under sanctions, oil exports were scaled back and many upstream projects involving IOCs were cancelled. Today, the National Iranian Oil Company is revving up production and has gradually returned Iran’s crude to the global market. In 2015, the country exported around 1.1 million bpd, a figure that rose to 2 million bpd by August 2016 and has remained at this level in 2017. Iran is seeking foreign investment to revamp and expand hydrocarbons operations and signed a landmark deal with Total in mid-2017. Fifty-two upstream projects were unveiled in late 2015, and new terms of investment in mid-2016.
In 2016, Iran produced 3.65 million bopd and, under the National Iranian Gas Company, 202.4 bcm of marketed natural gas. The government is planning five LNG facilities and new gas pipelines to support increased exports. With 67 petrochemicals projects under way, Iran aims to double its 2015 capacity of 60 million tpy by 2020. The Oil & Gas Year Iran 2018 was released in 2018 in partnership with Iran’s Ministry of Petroleum.
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Aramco-Dow joint venture Sadara Chemical Company has temporarily halted production in Jubail, citing supply chain disruptions.
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Oil prices fell on Wednesday in Asia and gave up some of their gains from earlier in the week after the US decided to end sanctions exemptions for major…
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The US has removed sanctions waivers for Japan, India and China’s Iranian oil imports, US Secretary of State Mike Pompeo announced on Monday.
Pompeo noted that an…
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Oil prices gained on Friday in Asia as the International Energy Agency’s (IEA) said there are signs of tightening supply.
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The International Energy Agency said Thursday that oil markets have tightened this year, thanks to OPEC-led production curbs and US sanctions on Iran and Venezuela, but…
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US Crude…
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Oil prices gained on Tuesday in Asia and traded near a 5-month high, supported by concerns on Libya supply disruptions.
US Crude Oil WTI Futures was up 0.2% to…
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Oil prices slipped on Friday as a surprise surge in US crude inventories forced a change of direction now lasting three days.
New York-traded West Texas Intermediate…
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Oil prices fell on Thursday in Asia following reports that US crude oil inventories rose unexpectedly last week.
US Crude Oil WTI Futures was down 0.14% to $62.37 by…
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Oil prices gained on Tuesday in Asia following reports that the U.S. is considering imposing more sanctions on Iran.
US Crude Oil WTI Futures was up 0.3% to $61.80…
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