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 mixed Friday morning in Asia, following three days of losses, as the US continues talks with Iran to revive the nuclear deal and lift sanctions.
Brent oil…
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Oil was up Thursday morning in Asia but remained a three-week low even if the US increased its fuel supplies. However, investors remain concerned about the spike of…
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Oil was up Friday morning in Asia, set for its second consecutive weekly advance thanks to a broad rally in commodities as well as positive economic data from the US…
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Oil was up Wednesday morning in Asia, inching up over prospects for stronger global economic growth as the Covid-19 vaccine rollout widens and crude oil inventories in…
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Oil was down Monday morning in Asia, recording a second consecutive session of losses as the ever-rising number of Covid-19 cases continued to raise fuel demand…
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Crude oil prices were broadly unchanged on Monday in thin trade, as President Donald Trump’s change of heart about signing the $900 billion Covid-19 relief package…
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Oil prices fell slightly Tuesday morning in Asia, following the lead of US markets overnight.
Brent oil futures fell 0.23% to $48.53 by 8:40 PM ET (01:40 AM…
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Oil was down on Monday morning in Asia, with an ever-increasing surge in Covid-19 cases globally prompting fuel demand worries amid a series of renewed…
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Oil was down on Monday morning in Asia as Covid-19 infection rates in the US threaten a recovery in demand. Crude oil is likely to have its first monthly fall since the…
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H.E. Yury Sentyurin, secretary-general of the Gas Exporting Countries Forum (GECF), talks to The Energy Year about why gas will retain a central role in the world’s…
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