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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Iran’s deputy oil minister has said that OPEC is unlikely to implement a production cut at the organisation’s next meeting, Reuters news agency reported on…
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Steve Holmes, oil and gas director of the Baghdad Company for Gas Turbines, explains how shortages of skilled personnel across different areas of design, construction,…
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Iran launched its 20th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran on Wednesday amid a push to woo international oil companies back to the…
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The National Iranian Gas Export Company’s managing director Ali Reza Kameli has said that an Omani delegation will arrive in Tehran this week to discuss a planned…
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Oil prices fell Monday as nuclear negotiations between Iran and Western diplomats over lifting sanctions remained in a deadlock over the weekend.
If sanctions are…
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Houston-based oilfield services giant Schlumberger pled guilty Wednesday to violating sanctions against Sudan and Iran. The US Department of Justice will fine the…
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The price of oil fell over the weekend by more than a percentage point after Saudi Arabia announced it would not be reducing its production. The price for a barrel of…
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On Monday, Iran’s Petro Energy Information Network announced that a pipeline to export natural gas from Iran to Iraq could become operational in May 2015.
The…
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Iranian gas production from the South Pars field will outpace that of Qatar by 2018, Iran’s petroleum minister said.
Speaking to Iranian daily Ta’adol, Minister…
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According to figures released by the Turkish Ministry of Energy and Natural Resources on Friday, the country’s natural gas imports for 2015 are forecast to rise by…
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