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.
Fátima Freitas of Fátima Freitas & Associados talks about the company’s involvement in energy sector projects.
READ MORE
Ahmad Al Dousari of Kuwait’s Ministry of Electricity & Water & Renewable Energy talks about adding renewables to the…
READ MORE
Hassan Choudhry of Umm Al Hayman for Wastewater Treatment Company talks about how PPPs benefit Kuwaiti.
READ MORE
Alexandre Eykerman of Wärtsilä talks about the company’s pioneering role in adapting its solutions to the energy transition.
READ MORE
The National Iranian Oil Company has awarded contracts to local players for projects aiming to boost output by up to 400,000 bopd.
READ MORE
The giant Al Zour refinery in Kuwait has reached full capacity for the first time.
READ MORE
Iran has significantly increased its oil and gas reserves with four newly confirmed discoveries, Upstream Online reported on Monday.
The finds include the…
READ MORE
Schlumberger signed an agreement with National Iranian South Oil Company (NISOC) over the weekend for a study of three oilfields.
The memorandum of understanding…
READ MORE
Oil production outpaced demand in 2015 though both set record growth, said Eni’s 15th World Oil and Gas Review released on Thursday. The study also found that global…
READ MORE
In a move that shows BP’s ambition to return to Iran, the company is taking great care to protect its CEO Bob Dudley, a US citizen, from sanctions, international…
READ MORE
DNO on Wednesday inked a memorandum of understanding (MoU) with National Iranian Oil Company for the development of the Changuleh oilfield through a newly established…
READ MORE
Iranian President Hassan Rouhani has commended the country’s oil and gas industry on ramping up production post-sanctions.
Speaking at the inauguration ceremony of…
READ MORE
Donald Trump on Wednesday secured enough electoral votes to win the White House, which leaves many in the oil and gas industry wondering what this means for the US’…
READ MORE
As expected, Total on Tuesday signed a heads of agreement with National Iranian Oil Company (NIOC) for phase 11 of the South Pars development project.
Total will…
READ MORE
Total and China National Petroleum Corporation will sign a heads of agreement for an offshore gasfield development project in Iran, an official from the Ministry of…
READ MORE
Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla reportedly travelled to Iran on Sunday for talks on an oil deal, sources close to his entourage have…
READ MORE
India’s largest oil and gas producer ONGC is seeking to explore Iranian gasfields and to expand activities in the northeastern Indian state of Tripura, Indian and…
READ MOREWHOSE PLATFORM IS THIS?
ASK US
