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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Pedro Godinho, the president of the American Chamber of Commerce (AmCham) in Angola, talks to TOGY about trade relations between the USA and Angola, investment in the…
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Crude oil prices retreated on Friday, as investors grew more cautious ahead of the weekend, but the commodity was still close to multi-year highs following positive…
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Crude oil prices were hovering at multi-year highs on Tuesday, as unrest in Iran sparked concerns over potential supply disruptions in the region and as supply cut…
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Sinopec has signed a long-anticipated deal under which it will invest USD 1.05 billion in the overhaul of Iran’s Abadan Refinery.
The contract signing, which…
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Italy’s Techint Group has entered into a EUR 34-million contract with Iran’s Ardebil Petrochemical Company under which the Italian engineering and construction firm…
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Gazprom has signed a roadmap agreement with the Iranian Ministry of Petroleum, the company announced Wednesday.
The MoU covers a proof-of-concept study on the…
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Iran launched operations on Sunday at its USD 1-billion extension to the Chabahar port, located in the country’s south.
Chabahar, 300 kilometres east of the Strait…
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Iran’s oil minister has provided early details on a pipeline to import oil from Iraq’s Kirkuk oilfield, following a meeting late on Thursday with his Iraqi…
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Early production has begun at Iran’s South Yaran oilfield, local media reported on Sunday.
Production started up at a rate of 10,000 bopd at the field, which is…
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Total cannot abandon its mega-project in Iran’s South Pars gasfield unless the UN Security Council restores sanctions, Iran’s petroleum minister said on…
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