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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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’…
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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…
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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…
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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…
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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…
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Pertamina aims to increase oil production by 42% and gas production by 17% next year, Indonesia’s state-owned energy corporation announced on Tuesday.
While…
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Russia and India agreed on Saturday to discuss a 6,000-kilometre natural gas pipeline that could turn into the world’s most expensive such project.
The link would…
READ MOREIran is set to invite foreign oil and gas companies to bid for contracts in the country for the first time in years, its petroleum ministry announced on Sunday.
The…
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Shell confirmed on Monday it had signed a memorandum of understanding with Iran’s National Petrochemical Company to co-operate in petrochemicals.
The energy giant…
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National Iranian Oil Company (NIOC) signed on Tuesday the first deal under the country’s new contract model, which was approved by the Iranian Cabinet in early…
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