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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Indonesia’s state-owned enterprise Pertamina is eying a new purchasing deal in 2017 for Iranian LPG, company officials said on Tuesday. Imports are expected to reach…
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The National Iranian Gas Company (NIGC) and Gazprom Neft signed an MoU on co-operation on Tuesday morning. The agreement follows a January 2016 initiative between the…
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Shell signed a non-binding memorandum of understanding with the National Iranian Oil Company on Wednesday to develop the Kish natural gasfield and the South Azadegan…
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Russia pumped some 11.2 million bopd in November, a post-Soviet record it plans to use as a baseline for production cuts it helped negotiate this week, Russian…
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Oil markets remained jittery Tuesday as a long-awaited meeting between OPEC and non-OPEC producers neared and several key participants expressed doubts about a…
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Schlumberger signed an agreement with National Iranian South Oil Company (NISOC) over the weekend for a study of three oilfields.
The memorandum of understanding…
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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…
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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…
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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…
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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…
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