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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Iran will receive its first shipment of crude from the Kirkuk oilfield this week, international media reported on Tuesday.
An initial rate of 15,000 bpd of the…
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Crude oil prices held ground in early morning trade on Friday ahead of U.S. weekly rig count data that showed a dip in the previous week, but also with a sharp eye on…
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Maintenance operations at Iran’s South Pars gasfield have been completed, Pars Oil and Gas Company announced Monday.
The works on 17 platforms were conducted…
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Crude prices reached two-year highs on Monday after the arrests of high-ranking Saudi officials over the weekend and spiraling tensions between Iran and Saudi Arabia in…
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Total has started work to develop Iran’s South Pars phase 11 project, Iranian Oil Minister Bijan Namdar Zanganeh said Saturday.
Iran signed a contract with a…
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Gazprom signed an MoU on strategic co-operation with the Iranian Oil Ministry, the company announced on Friday.
They will investigate options for joint gasfield…
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Norwegian company Offshore Resource Group signed an MoU with Iran’s Khazar Exploration and Production Company (KEPCO) to jointly conduct studies in the Caspian Sea,…
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Rosneft and the National Iranian Oil Company have agreed on the joint undertaking of projects worth around USD 30 billion, the Russian oil giant and international media…
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A consortium between Germany’s Schmidt Kranz and Iran’s Tamkargas Company has signed a deal to manufacture pipes and drill collars with the National Iranian Oil Company…
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Masoud Barzani, president of the Kurdistan Regional Government, announced on Sunday he would step down from office on November 1.
President Barzani’s powers are…
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