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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Oil was up Wednesday morning in Asia as a larger-than-expected draw in US crude oil supplies and the ever-brightening fuel demand outlook in some countries gave the…
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Oil was up Tuesday morning in Asia, as talks over Iran adding to the global supply continue and alleviate investor concerns.
Brent oil futures were up 0.33% to…
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Oil was down Friday morning in Asia but was set to end the week with a third weekly gain. The black liquid hovered near the $70 mark as investors continue to digest…
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Oil was down Tuesday morning in Asia, continuing Monday’s losses as the fragile state of the global economic recovery from Covid-19 impacts the fuel demand…
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Oil was down Monday morning in Asia, as investors await talks between Iran and world powers later in the week that could lead to increased Iranian supplies
Brent…
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Oil was up Wednesday morning in Asia, remaining at the highest level since Oct. 2018, as the Organization of the Petroleum Exporting Countries and its allies (OPEC+)…
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Oil was up Monday morning in Asia on the back of an ever-brightening fuel demand outlook. Investors also now turning their focus to the Organization of the Petroleum…
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Oil was up Friday morning in Asia, ending the week by extending gains from the highest close in more than two years. Optimism as US fuel demand continues to increase…
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Oil was up Wednesday morning in Asia, as concerns that the possible resumption in Iranian supply would cause a supply glut was offset by strong US crude oil supply…
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Oil was up Monday morning in Asia, with investor sentiment boosted by signs of the US’ continuing economic recovery from Covid-19 and the improved outlook for fuel…
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