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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Iranian crude exports are expected reach 2.1 million bopd in May, a year-on-year increase of more than 60%, sources familiar with the country’s lifting plans said on…
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A senior Iranian official told Kurdish media on Tuesday that Iran is seeking federal approval for a possible pipeline route from the Kurdistan Region of Iraq to…
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Iranian Minister of Petroleum Bijan Zangeneh over the weekend once more ruled out the possibility of Iran joining an initiative to freeze oil production. Speaking to…
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Iranian oil exports are on track to reach pre-sanctions levels over the current Iranian month, which started on April 20, an official has said. Speaking at the first…
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Iranian Minister of Petroleum Bijan Zangeneh and his South Korean counterpart signed a memorandum on enhanced oil and gas co-operation on Monday. The agreement follows…
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Indian Minister of State for Petroleum and Natural Gas Dharmendra Pradhan announced investments of up to USD 20 billion in Iranian petrochemical projects over the…
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Oil prices continued to rise this morning after climbing Tuesday on reportedly reduced inventories in the USA and an upbeat message from Kuwait’s OPEC governor, Nawal…
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Mohammed bin Saleh Al Sada, Qatari minister of energy and industry and current president of OPEC, has called for a meeting of OPEC and non-OPEC producers in Doha on…
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Iranian oil export growth has been lagging behind expectations, the EIA stated in its latest monthly report. Released on Friday, the agency said crude exports had…
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Russia’s major oil and gas companies will lend their support to the February Doha initiative to cap oil production in an effort to stabilise prices, Russian Energy…
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