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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Energy Minister Suhail bin Mohammed Al Mazrouei has reiterated the need for major producers to reach a consensus on how to balance the world’s oil market. Speaking on…
READ MOREIran’s hydrocarbons exports totalled 1.75 million boepd over the past Iranian month, which ran from January 21 to February 19, Iranian Minister of Petroleum Bijan…
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Mohammed bin Saleh Al Sada, Qatari Minister of Energy and Industry and current president of OPEC, on Thursday underscored the need for a cap on production as a means to…
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Greece is in the initial stages of discussions on becoming a gateway to Europe for Iranian gas, Greek Minister of Productive Reconstruction, Environment and Energy…
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Omani Minister of Oil and Gas Mohammed bin Hamad bin Saif Al Rumhy said on Wednesday that his country stands with Iran in the latter’s objection to last week’s…
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Saudi Arabia will not follow deal brought forward by other major oil producers to freeze rising output, the country’s oil minister, Ali Al Naimi, said at a conference…
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Iran expects revenue of USD 10 billion-15 billion under the recent Iran Petroleum Contract system, the country’s deputy oil minister and managing director of…
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Iran has increased oil exports by 500,000 bpd after sanctions were lifted in January, the director of international affairs for state-run National Iranian Oil Company,…
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Arif Arikat, CEO for the group’s Al Ghaith Oilfield Supplies and Services Company, talks to TOGY about new foreign entrants in Abu Dhabi and the emirate’s policy on…
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Iran has taken a tough stance against a production freeze proposed by other members of OPEC, Iranian OPEC envoy Mehdi Asali was quoted as saying in the Tehran-based…
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