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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Total’s CEO on Tuesday reaffirmed the company’s commitment to its recent USD 4.8-billion gasfield development deal in Iran, in the face of mounting threats against…
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Chinese investment group CITIC has provided Iranian financial institutions with a new line of credit totalling USD 10 billion, Iran’s central bank announced on…
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The US government on Thursday committed to continuing its sanctions relief for Iran agreed on in the 2015 nuclear deal.
The move follows the first Trump…
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France’s Sofregaz has signed a contract to work with Iran’s Sanat Sazeh Samin and the National Iranian Oil Company on flare gas recovery at the South Pars gasfield,…
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Gazprom Neft, Zarubezhneft and Lukoil have submitted proposals to invest in several Iranian oilfields to the National Iranian Oil Company, local media reported on…
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Rosneft’s purchase of Essar Oil will see the Russian company clear more than USD 2.4 billion in debt for past oil sales to Iran, international media reported on…
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Iran’s Ghadir Investment, Russia’s Zarubezhneft and Turkey’s Unit International have signed a deal worth USD 7 billion to collaborate on drilling in Iran.
A…
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Iran’s Caspian port of Neka has received its first shipment of swapped oil since 2010, the National Iranian Oil Company (NIOC) confirmed on Sunday.
Dragon Oil…
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Sadad Husseini, founder and president of Husseini Energy and former executive vice-president of Saudi Aramco, talks to TOGY about the lessons that the global oil…
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Iran’s National Petrochemical Company signed an agreement on Wednesday with Air Liquide under which the French company will supply a licence for the…
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