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 hit their highest levels in three months on Monday on evidence of supply reductions and on hopes that the U.S. and China may resolve their trade…
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Iran has discovered light, sweet crude in the southwestern Abadan region, local and international media reported on Wednesday.
“This is the first time we’ve…
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Iran’s Pars Oil and Gas Company (POGC), a subsidiary of NOC National Iranian Oil Company, has been selected to develop phases two and three of the Kish gasfield,…
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New oil and gasfields have been discovered in Iran this year, local media reported on Monday.
Co-operation with IOCs continues despite US sanctions, the head of…
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Rosneft has abandoned plans to invest in Iran due to fears of US sanctions, international media reported on Thursday.
The Russian oil giant had previously planned to…
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China’s CNPC has put investment in the South Pars project in Iran on hold, international media reported on Wednesday.
The news came weeks after Iranian officials…
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China’s CNPC has taken over operatorship of Iran’s South Pars phase 11 project from France’s Total, local and international media reported on…
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Saudi Arabia’s oil production has increased to nearly 11 million bopd this month, international media reported on Wednesday.
Bloomberg cited industry sources as…
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Oil prices gained more than 1% on Monday following reports that Saudi Arabia announced plans to cut output from December.
Saudi energy minister Khalid al-Falih said…
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The USA has granted temporary sanctions waivers to eight countries including India, Japan and South Korea to continue importing Iranian oil, international media…
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