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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The US-led coalition confirmed a ceasefire between Iraqi and Peshmerga forces on Friday.
The ceasefire covers all fronts, a coalition spokesman told Reuters. An…
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The National Iranian Oil Company has signed a 20-year contract for the sale of gas destined to be shipped as LNG.
The company signed the deal with IFLNG, a joint…
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Iraq’s state-owned North Oil Company is co-operating with Kurdish firm KAR Group on resuming production at two major oilfields in the Kirkuk province, international…
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Rosneft has signed a much-anticipated contract for the development of five oil and gas blocks in the Kurdistan Region of Iraq, the company revealed on Wednesday.
The…
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Iraqi government forces backed by paramilitaries have managed to take over Kirkuk and surrounding oilfields and installations after an attack launched early Monday,…
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US President Donald Trump announced on Friday that he would not recertify Iran’s compliance with the 2015 nuclear deal, while promising the imposition of fresh…
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The Syrian regime has threatened Syrian Kurdish forces that provide the backbone of the Western-led anti-Islamic State effort over oil resources in the country’s…
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The Iranian Offshore Oil Company has awarded a package of contracts worth EUR 800 million to local EPC provider SAFF Group.
The deal covers work on an NGL plant on…
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French President Emmanuel Macron offered to mediate between the Iraqi central government and Erbil on Thursday, following the Kurdistan Region of Iraq’s (KRI)…
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Russia’s Lukoil and the National Iranian Oil Company signed two co-operation agreements on Wednesday for conducting geological surveys in Iranian waters of the…
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