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 oil prices jumped back to 3-1/2-year highs on Wednesday after President Donald Trump pulled the United States out of an international nuclear deal with Iran,…
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Oil prices were on the backfoot on Tuesday, pulling back from three-and-a-half-year highs, as investors braced for President Donald Trump’s decision on whether to…
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Iran will tender 14 exploration blocks in July, Iranian Ministry of Petroleum news portal Shana reported on Monday.
“Of the 14 exploration blocks, 6 blocks are…
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Crude prices were under pressure on Tuesday, as investors turned their attention to fresh data on U.S. commercial crude inventories to gauge the strength of demand in…
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China Petroleum and Chemical Industry Federation (CPCIF) has signed an MoU with Iran’s National Petrochemical Company (NPC) under which Chinese companies will build a…
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Norway’s Offshore Resource Group (ORG) has submitted the results of its surveys of several Iranian Caspian Sea assets, with findings indicating a “dramatic rise”…
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Essar Oil has paid off around EUR 2 billion of its debt to Iran for oil sales during sanctions since its acquisition by Rosneft, international media reported on…
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Crude oil remained higher on Tuesday, as Middle-East tensions sparked concerns over potantial supply disruptions, although concerns over rising U.S. output levels…
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Total will apply for an individual waiver of US sanctions if the Trump administration proceeds with reimposing them, the company’s CEO said on Sunday.
Signalling…
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Pasargad Energy Development Company (PEDC) has signed a contract to lead the development of two Iranian oilfields, in a first for Iranian upstream companies.
PEDC…
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