Crude oil prices were broadly unchanged on Monday in thin trade, as President Donald Trump’s change of heart about signing the $900 billion Covid-19 relief package…
READ MOREIran Overview
in figures
Oil Reserves157.8 billion barrels
Oil Production3.62 million bopd
Gas Reserves32.1 tcm
Gas Production256.7 bcm
Iran: An Economy Building Resilience
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.
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The finds include the…
READ MOREOman and Iran have signed an MoU to jointly develop oil and gas fields, petrochemical assets and trade between the two nations, Iran’s Minister of Oil Javad Owji…
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READ MORENational Iranian Oil Company has signed an MoU with Russia’s Gazprom to develop key oil and gas assets in Iran, the NOC announced on Tuesday.
The agreement…
READ MOREOil prices fell slightly Tuesday morning in Asia, following the lead of US markets overnight.
Brent oil futures fell 0.23% to $48.53 by 8:40 PM ET (01:40 AM…
READ MOREOil was down on Monday morning in Asia, with an ever-increasing surge in Covid-19 cases globally prompting fuel demand worries amid a series of renewed…
READ MOREOil was down on Monday morning in Asia as Covid-19 infection rates in the US threaten a recovery in demand. Crude oil is likely to have its first monthly fall since the…
READ MOREH.E. Yury Sentyurin, secretary-general of the Gas Exporting Countries Forum (GECF), talks to The Energy Year about why gas will retain a central role in the world’s…
READ MORERudy Radjab, president-director of Kreasindo Resources Indonesia, talks to The Energy Year about the impact of Indonesia’s Refinery Development Master Plan (RDMP) and…
READ MOREOil prices dropped on Friday morning in Asia, despite a report from the US Energy Information Administration (EIA) that confirmed a sharp decline in stockpiles that…
READ MOREOil prices rose on Tuesday in Asia as traders monitored news in the Middle East and developments on the Sino-US trade front.
US Crude Oil WTI Futures traded 0.2%…
READ MOREOil prices slipped on Monday in Asia amid easing US-Iran tensions.
The US Crude Oil WTI Futures was unchanged at $59.04 by 12:45 AM ET (04:45 GMT). Last week, the…
READ MOREOil prices rebounded on Thursday in Asia after slumping as much as 5% overnight as US President Donald Trump refrained from further military hostilities with…
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