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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Russia’s Zarubezhneft signed a deal on Wednesday to develop two oilfields in Iran, marking the first such deal for Iran since a Total-led consortium entered the South…
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Italy’s Carlo Maresca will build a USD 100-million solar power plant in Iran, local media reported on Sunday.
The deal, signed with the Industrial Development and…
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Crude oil prices remained lower on Wednesday, weighed by U.S. dollar strength and amid growing caution ahead of this week’s U.S. supply data.
The U.S. West Texas…
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Crude oil prices continued to hover at more than one-week highs on Monday, supported by tensions in the Middle East and global supply cut efforts, although concerns…
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Crude oil prices continued to tumble on Thursday, as concerns over rising U.S. production continued to weigh heavily on the commodity.
The U.S. West Texas…
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Iraqi pro-government forces have started a sweep of the area between Kirkuk and Iran with the aim of securing a transit route for Kirkuk oil to Iran, international…
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KBR has signed an MoU with Iran’s Pardis Petrochemical Company under which the UK firm will provide technology and services at the company’s ammonia and urea…
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A day after US President Donald Trump extended Iran sanctions waivers, a top Iranian oil official said Total’s work on the South Pars phase 11 project is proceeding…
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Simon Collis, UK ambassador to Saudi Arabia, talks to TOGY about Saudi investment in the UK, Vision 2030 and what the new drive for diversification means for future…
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Iran and Italy have signed a framework credit deal to fund up to EUR 5 billion (USD 6.02 billion) of investments in Iran, Italy’s economy ministry announced on…
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