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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On Wednesday, Abbas Kazemi, deputy petroleum minister and managing director of National Iranian Oil Refining & Distribution Company (NIORDC), said major refinery…
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Iran will build 12 new oil and gas condensate refineries, an official from the National Iranian Oil Refining & Distribution Company (NIORDC) said on Wednesday.
Arman…
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Iran’s minister of petroleum was quoted on Tuesday as saying that US companies “face no ban” on entering the Iranian oil industry.
Bijan Namdar Zangeneh made…
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Lukoil hopes to conclude negotiations with National Iranian Oil Company on two oilfield development projects in the first half of 2017, Lukoil’s vice-president and…
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Iran is producing 3.9 million bopd, the country’s minister of petroleum said on Wednesday.
Minister of Petroleum Bijan Namdar Zangeneh offered the figure on the…
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Austria’s OMV has signed an memorandum of understanding (MoU) with Iran’s Dana Energy for co-operation on upstream projects.
The deal was signed on January 20…
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Siemens has won an order for compressor stations in Iran worth tens of millions of euros, the company announced on Monday.
The German conglomerate will supply 12…
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TOGY talks to Christopher Gunson, partner at Amereller, about the oil and gas industry in the UAE and the surrounding region, other countries with potential, and the…
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Iranian and Chinese officials are expected to sign a deal worth USD 3 billion for upgrades to Iran’s refining capacity next month.
Iranian media quoted Abbas…
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Five new phases of the super-giant South Pars gasfield will be brought on line by March 20, 2017, Iranian Minister of Petroleum Bijan Namdar Zangeneh said on…
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