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 inched down on Monday morning in Asia, despite a bounce in the region’s stock markets. Investors remained cautious after a sell-off last week that could…
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Oil prices bounced higher on Friday after two sessions of sharp declines sparked by a large build in U.S. crude inventories, while investors looked ahead to the latest…
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Oil prices ticked lower on Tuesday as investors looked ahead to fresh weekly data on U.S. commercial crude inventories.
The American Petroleum Institute, an industry…
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Crude prices were higher on Friday as looming Iran sanctions kept up pressure despite an increase in stockpile data sparking concerns about a global oversupply.
West…
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Oil prices eased on Tuesday but remained close to their highest levels in four years amid fears of a global supply shortage as the U.S. prepares to re-impose sanctions…
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The USA has granted a temporary licence for domestic businesses to work on the Rhum field offshore the UK, which is partially owned by a subsidiary of Iran’s NOC,…
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Oil prices were hovering near the $82 per barrel level on Thursday, close to the four-year highs reached earlier in the week, amid fears of a supply shortage as the…
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The EU, Russia and China have agreed to set up a “special vehicle” to trade with Iran after the USA reimposes sanctions in November, international media reported on…
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The threat of US sanctions, to come into effect November 4, has already slashed Iran’s oil exports by about 35% since April, international media reported on…
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Oil prices rose sharply on Tuesday, after Saudi Arabian officials said they are okay with rising prices in the short term.
West Texas Crude oil futures surged 1.22%…
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