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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Iranian officials signed a contract with a Total-led consortium for the development of phase 11 of the super-giant South Pars gasfield on Monday.
The deal marks the…
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Iran has begun piped exports of natural gas to Iraq, a key step forward after years of efforts to launch a new gas corridor between the two countries.
Amir Hossein…
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Eni signed a deal with the National Iranian Oil Company (NIOC) on Tuesday under which the super-major will conduct appraisal studies of Iran’s Kish and Darquain…
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International oil majors Total, Inpex and Petronas have submitted technical studies on Iran’s largest oilfield.
Nourod’din Shahnazizadeh, managing director of…
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Iran’s exports of crude to Europe and Turkey soared to 1.1 million bopd last month, the highest level since sanctions targeting Tehran’s nuclear programme were…
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Saudi Arabia, the UAE and Bahrain on Monday morning announced the severing of diplomatic ties with Qatar on accusation of the latter’s alleged support for…
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Bidding for the development of the Azadegan oilfield, Iran’s third-largest with an estimated 37 billion barrels in reserves, will be held sometime before this Friday,…
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Iranian officials have reported the discovery of substantial reserves at an offshore gasfield that has been under exploration since 2014.
The Sepand field is located…
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Iran’s NOC signed a USD 615-million deal on Wednesday with an international consortium that will manufacture pipes in the country.
The National Iranian Oil Company…
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The US government committed on Wednesday to continuing the sanctions relief for Iran agreed on in the 2015 nuclear deal.
The move marks President Donald Trump’s…
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