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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Aramco-Dow joint venture Sadara Chemical Company has temporarily halted production in Jubail, citing supply chain disruptions.
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Five of the six…
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Japan lifted nuclear sanctions on Iran Friday following the UN Atomic Energy Agency’s confirmation that the Middle Eastern nation was in the process of breaking down…
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The development of the South Pars oil and gasfields will be completed by March 2018, Iranian President Hassan Rouhani said at a press conference Monday.
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The price of Brent crude dipped below $35 a barrel on Thursday, the lowest since 2004 amid an increase of production in the global market.
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Iranian ambassador to Indonesia Valiollah Mohammadi Nasrabadi talks to TOGY about the historic nuclear deal between Iran, the US, the UK, France, Germany, Russia and…
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Brent crude fell to an 11-year low on Monday on concerns of a continued rise in world oil supply.
No output cap from OPEC and the lifting of sanctions on Iran in…
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Iran’s oil minister Bijan Zanganeh said in a Sunday speech during the 12th Iran Petrochemical Forum that the country’s petrochemicals industry was about to make a…
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Iran is in talks with India to export natural gas to the country’s Gujarat province through a $4.5-billion subsea pipeline. The proposed 1,400-km route will have…
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