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.
Aramco has resumed crude oil loadings at the Ras Tanura terminal after a halt of nearly four months.
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Julius D. Rone of UTM Offshore talks about shifts in energy security priorities and new opportunities for African energy…
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The US and Iran have reached an initial deal to halt the war and reopen the Strait of Hormuz, sending oil prices lower.
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QatarEnergy and ExxonMobil have signed an MoU with Egypt to collaborate on the commercialisation of natural gas discoveries in Cyprus.
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Kuwait has declared force majeure on oil and product shipments as the Strait of Hormuz closure impedes tanker loadings.
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Canadian light crude premiums have surged to record highs as US refiners look north amid tightening global supplies.
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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 gained on Monday in Asia amid supply concerns. The upcoming Sino-US trade talks in Washington is expected to receive some attention this week.
US Crude…
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Oil prices gained on Friday in Asia as traders shrugged off US President Donald Trump’s tweet about “too high” prices.
US Crude Oil WTI Futures rose 0.5% to…
Oil prices were little changed on Friday in Asia as traders remained cautious amid the latest news on the Sino-US trade war.
US Crude Oil WTI Futures was unchanged…
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Oil prices fell on Monday in Asia after recording their best weekly gains in a month last week.
US Crude Oil WTI Futures traded 0.4% down to $58.59. Last week, the…
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Oil prices trade higher on Thursday in Asia as the US reportedly plans to cut more exports of crude from Iran starting in May.
Citing two sources who were briefed by…
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Oil prices fell on Friday morning in Asia as the European Central Bank (ECB) slashed its economic forecast and caused more worries about a slowdown in the global…
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Oil prices climbed a little in Asia on Thursday morning as investors shrugged off data out of the US that pointed to rising stockpiles of crude. Instead, they focused…
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Oil prices were trading lower on Tuesday morning in Asia after China lowered its growth target for the year and doubts of the ultimate impact of any trade deal between…
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Oil prices climbed on Monday morning in Asia, recovering from steep drops last week.
London-traded Brent crude, the global oil benchmark, was up 0.65% to $65.31 by 10…
Oil futures pulled back on Monday, after US President Donald Trump took to Twitter to slam OPEC about pushing prices higher.
“Oil prices getting too high. OPEC,…
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