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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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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TOGY talks to Dharmendra Pradhan, minister of state for petroleum and natural gas, about new state policies that directly affect the hydrocarbons industry, the…
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Iran will take part in the September closed-door OPEC meeting in Algeria, the Ministry of Petroleum’s news portal announced on Thursday.
Minister of Petroleum…
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Iran reportedly informed OPEC members that the country will attend the organisation’s next informal talks on oil production in Algeria in late September. The…
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Russian Energy Minister Alexander Novak has confirmed ongoing communication with Saudi Arabia and other oil-producing nations geared towards stabilising the oil market…
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Swiss Federal Tribunal ordered Israel to pay Iran USD 1.1 billion on June 27 over the decades-old seizure of a covert pipeline, Forbes reported yesterday.
The court…
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Omani Minister of Oil and Gas Mohammed bin Hamad al Rumhy on Wednesday said the sultanate and Iran had decided to alter the route of the planned subsea gas pipeline…
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Pertamina signed a memorandum of understanding with the National Iranian Oil Company on Monday that will see the Indonesian state-owned energy company conduct oilfield…
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The Iranian cabinet has approved the general terms of the so-called Iran Petroleum Contract (IPC), the Ministry of Petroleum’s news portal reported on…
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