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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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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India is seeking to adjust the terms for the sale of its 51.11% stake in refiner HPCL to NOC ONGC in order to avoid offering the shares to minority stakeholders,…
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Bijan Namdar Zangeneh was reappointed as Iran’s minister of petroleum on Tuesday by President Hassan Rouhani.
The Iranian president, sworn in on Saturday for his…
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SK Engineering & Construction has signed a heads of agreement for a USD 1.6-billion revamp of Iran’s Tabriz Refinery, the South Korean company said on…
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A London court ruled in favour of Dana Gas in a USD 14-million arbitration case against the Kurdistan Regional Government, the UAE-based company said on…
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A pipeline that would export oil from Iraq’s Kirkuk fields via Iran is being assessed by officials from both countries, Iran’s petroleum minister said on…
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A pipeline coming on stream next week will end Iran’s wintertime reliance on Turkmen gas for its northern provinces, an Iranian official said on Tuesday.
Hamid…
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A new government commission will oversee the deal signed last week between Iranian officials and super-major Total, parliament speaker Ali Larijani said on…
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Finnish technology company Wärtsilä said in a press release on Monday that it would supply the engineering and equipment needed for two new power plants in…
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Iran is preparing 14 tenders for exploration of the country’s oil and gasfields, an official said at the World Petroleum Congress on Monday.
Speaking at the event…
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Total is close to finalising a contract to build three petrochemicals plants in Iran, Iranian news portal Shana reported on Tuesday.
Marzieh Shahdaei, head of…
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