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 Iranian Offshore Oil Company has issued eight pre-qualification tenders for drilling and related services in the Gulf.
A deadline of March was given for…
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Total says it will reach a final investment decision on Iran’s South Pars project by summer, but its commitment will depend on the renewal of US sanction…
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Malaysia’s Bukhary International Ventures (BIV) will conduct fields studies in Iran under an MoU signed with National Iranian Oil Company (NIOC) on Wednesday.
The…
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Iran expects to launch exports of gas to Oman through a new pipeline by 2020, an official said on Tuesday.
The remarks by Ali Amirani, director of the Gas Export…
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US companies will not be able to enter Iran’s oil and gas market under the new sanctions imposed by the Trump administration, a senior Iranian official has…
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Iran has discovered 15 billion barrels of oil, a top official at the national oil company said on Saturday.
Ali Kardor, managing director of the National Iranian Oil…
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TOGY’s oil and gas coverage of the past week was dominated by Iran’s downstream news and reporting on Indonesia’s Pertamina. There were also a number of Q4 and…
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Oil prices rose only slightly following a tweet by US President Donald Trump threatening action against Iran over a missile test.
Iran’s test-firing of a ballistic…
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Iran came to the table with regional rival Saudi Arabia and agreed to cap its oil output at around 3.8 million bopd in November 2016, following months of negotiations…
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With a large-scale methanol project under way at its Chabahar port, Iran is planning its first methanol-to-olefins plant in the same location.
The Badr-e-Shargh…
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