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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Asia’s top-four importers of Iranian oil took in 67.6% more crude in January 2017 than a year earlier in January 2016.
China, India, Japan and South Korea together…
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The news of the past week revolved around major deals in Abu Dhabi, a fresh oil find and additional reserves in Iraq and a slew of annual results announcements.…
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Russia will begin purchases of 100,000 bopd from Iran within 15 days, the Iranian petroleum minister said on Tuesday.
Minister of Petroleum Bijan Namdar Zangeneh…
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A Russian official said on Monday that his country was targeting a deal for the import of gas turbines from Iran in a bid to evade EU sanctions.
The turbines would…
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Iraq and Iran have agreed to look into the construction of an export pipeline to transport crude from Kirkuk to Iran.
A memorandum of understand (MoU) to that end…
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Iran has made a shale oil discovery estimated at 2 billion barrels, an official from the National Iranian Oil Company (NIOC) said on Saturday.
The light crude find…
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Iran will aim to raise its refining capacity to 3 million bpd by 2021, Minister of Petroleum Bijan Namdar Zangeneh has said.
Ministry news portal Shana on Friday…
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Iran has discovered 13 oil and gas reservoirs in the past three years, an official from the National Iranian Oil Company (NIOC) said on Monday.
Saleh Hendi, head of…
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Polish state-run refiner Lotos says it is seeking to secure a long-term crude supply deal with Iran.
CEO Marcin Jastrzebski told Reuters that the company is aiming…
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TOGY’s coverage of the global oil and gas industry was highlighted by the response to new sanctions on Iran imposed by the Trump administration, recent discoveries…
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