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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Saudi Arabia and Russia agreed to freeze production in a meeting in Qatar today.
The agreement would mean keeping production at January levels, which would allow…
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During the first month of the year, Iran exported 203,165 bopd to South Korea, a figure three times higher compared with same period in 2015, Iranian data released on…
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Ghanaian President John Dramani Mahama said Monday his country could produce as many as 500,000 barrels of oil per day by 2020. Pointing to projects such as the Greater…
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Major oil-producing countries should cut production to lift the falling prices of crude oil, Russian state-run Rosneft’s CEO Igor Sechin said Wednesday at the…
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Iran and Italy signed a memorandum of understanding (MoU) to invest jointly in the construction of a factory to produce oil industry items during a meeting in Tehran on…
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Oil trader Vitol confirmed over the weekend that it had purchased a batch of Iranian crude, with company CEO Ian Taylor commenting to Bloomberg that it was “very much…
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Italy’s Saipem has filed a EUR 759-million lawsuit against Russia’s state-run Gazprom for the cancelling of a contract to lay a pipeline into Europe, the Financial…
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London’s highly anticipated Iran summit has been postponed due to complications with visas, organiser CWC Group reported on Monday.
Iran said the British consulate…
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Total signed a memorandum of understanding with government-owned National Iranian Oil Company yesterday.
The deal was penned alongside the meeting of Iranian…
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In the wake of a visit to Italy by Iranian President Hassan Rouhani on Monday, Saipem confirmed a deal to revamp two refineries in Iran, amid rumours of a pipeline…
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