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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Kurdish militants blew up a segment of the South Caucasus Pipeline carrying natural gas to Turkey from Azerbaijan early on Tuesday, according to preliminary reports.…
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The news arm for Iran’s oil ministry announced on Sunday that the gas flows had been resumed to Turkey after repairs were made to the Turkey-Iran pipeline. Iran had…
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India imported 8 percent less oil from Saudi Arabia in the fiscal year 2014/15 (April-March) compared to FY 2013/14, while increasing purchases from Africa and South…
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A vessel carrying about 2 million barrels of oil left Iran bound for Singapore on Friday. The shipment is the first following a landmark nuclear deal between Iran and…
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The hydrocarbons market is expected to take another hit following the solidification of the long-anticipated nuclear deal with Iran, which will ease sanctions in…
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Iran’s largest shipping company is in talks for permission to sail in Western waters, the company’s managing director has said.
Managing director of NITC Ali…
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India has asked domestic refiners to buy euros and dollars to make ready for $6.5 billion in debt payments to Iran if sanctions are lifted.
The move is intended to…
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Shell and Eni have met with Iranian officials to discuss potential investments in the country’s energy industry.
Executives from the super-majors travelled to…
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Officials attending OPEC’s Vienna meeting on Friday have amicably agreed to lengthen its oil production policy of unconstrained output for an additional six months.…
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Total may look to re-enter Iran in light of the country’s oil resources and it having the second-largest gas reserves in the world, according to the Total’s chief…
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