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 Philippines plans to build an LNG plant in Iran and source feedstock from the country for a new 400,000-bpd refinery, the head of the Southeast Asian country’s…
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A top executive from Iran’s Panid Engineering said on Wednesday that US company Pall Corporation would invest in a project to produce oil equipment in Iran.
The…
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Iranian company MAPNA Group signed an MoU with the National Iranian Oil Company (NIOC) on Tuesday for the study of two fields in the country’s oil-rich…
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Siemens will resume the supply of power transformers to Iran, an official from its local joint company said on Tuesday.
After the lifting of sanctions in January…
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The Philippines National Oil Company’s exploration offshoot, PNOC EP, signed an MoU with the National Iranian Oil Company on Monday for the study of two Iranian…
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ONGC Videsh, the entity responsible for the international operations of India’s ONGC, achieved a record production of more than 92 million boe over 2016-2017, the…
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TOGY talks to José Carlos Gil, executive director of Intecsa, about continuing to focus on downstream in Abu Dhabi, the importance of selecting good construction…
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Iran has launched the first phase of the Persian Gulf Star refinery, a mega-project designed to process condensate from the South Pars field.
The facility, expected…
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The disappointing Q1 results of Schlumberger, Woodside and Saipem topped the news in the past week, while exciting speculation about China preparing a consortium to…
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Iran brought five phases of the super-giant South Pars gasfield on stream on Sunday, adding more than 150 mcm (5.3 bcf) per day to the nation’s gas output…
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