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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Crude prices slumped further on Monday, hitting their lowest levels in around six weeks amid indications OPEC and Russia are considering lifting production to meet the…
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Iran has put on stream a new production line of extra heavy oil from the South and North Azadegan fields, local agency Fars News reported on Monday.
The new line,…
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Chinese and German leaders expressed support for the Iran nuclear deal on Thursday, as tensions in the Middle East continued to rise and European companies paused work…
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Brent oil prices were higher on Tuesday, as investors remained concerned about global supply and future output from Iran and Venezuela.
Oil prices rose on Monday…
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Iran has demanded that Europe maintain its oil trade and bypass US sanctions to salvage the nuclear accord after US President Donald Trump announced his country’s…
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Crude prices firmed on Friday as looming sanctions against Iran, the continuing economic crisis in Venezuela and strong demand continued to support prices.
New…
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Total is pausing work on South Pars phase 11 and may have to exit Iran unless it receives a sanctions waiver from the US authorities, the super-major announced on…
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Iran has requested Chinese assurances that oil imports will continue after the USA reimposes sanctions on Tehran, international media reported on Wednesday.
Top…
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Oil prices touched another three-and-a-half-year high on Thursday, as escalating geopolitical tensions in the Middle East cast further uncertainty about supply…
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Leaders of the UK, France and Germany have jointly reaffirmed their support for the Iran Nuclear Deal following US President Donald Trump’s withdrawal announcement on…
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