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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Iran will hold its first tender for an oilfield development using the Iranian Petroleum Contract in February, an official said earlier this week.
The tender is for…
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Iranian and Iraqi officials are in talks over the joint development of common fields, an Iranian deputy petroleum minister was reported to have said on…
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Brent crude futures for March delivery declined by about 2% to under USD 56 per barrel on Monday afternoon as US companies raised the number of operational rigs by…
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National Iranian Oil Company has made a deal with oil trader Vitol for a loan of USD 1 billion, sources told Reuters on Wednesday.
The pre-financing is expected to…
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National Iranian Oil Company has unveiled its list of close to 30 international exploration and production companies eligible for work in Iran, the Ministry of…
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South Korean contractor Daelim Industrial on Thursday said it had been awarded a construction contract for work on Iran’s Isfahan refinery.
In comments to Korean…
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Iran is likely double the number of memorandums of understanding with international oil companies in the coming months, Deputy Managing Director of National Iranian Oil…
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Malaysia’s Petronas and the National Iranian Oil Company signed an MoU on Wednesday for co-operation on a study of Iran’s South Azadegan and Cheshmeh Khosh…
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On Monday, National Iranian Oil Company (NIOC) inked a short-term agreement with Italian oil and gas major Eni to sell crude oil.
A major offtaker of Iranian crude…
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Indonesian and Iranian officials signed an MoU on energy co-operation on Wednesday that will involve sales of Iranian LPG.
Indonesian President Joko Widodo and…
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