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.
Fátima Freitas of Fátima Freitas & Associados talks about the company’s involvement in energy sector projects.
READ MORE
Ahmad Al Dousari of Kuwait’s Ministry of Electricity & Water & Renewable Energy talks about adding renewables to the…
READ MORE
Hassan Choudhry of Umm Al Hayman for Wastewater Treatment Company talks about how PPPs benefit Kuwaiti.
READ MORE
Alexandre Eykerman of Wärtsilä talks about the company’s pioneering role in adapting its solutions to the energy transition.
READ MORE
The National Iranian Oil Company has awarded contracts to local players for projects aiming to boost output by up to 400,000 bopd.
READ MORE
The giant Al Zour refinery in Kuwait has reached full capacity for the first time.
READ MORE
Iran has significantly increased its oil and gas reserves with four newly confirmed discoveries, Upstream Online reported on Monday.
The finds include the…
READ MORE
Oil prices rose on Wednesday in Asia as traders weighed the impact of the IMF’s latest economic growth forecast cut and geopolitical concerns in Libya.
US Crude…
READ MORE
Oil prices gained on Tuesday in Asia and traded near a 5-month high, supported by concerns on Libya supply disruptions.
US Crude Oil WTI Futures was up 0.2% to…
READ MORE
Oil prices slipped on Friday as a surprise surge in US crude inventories forced a change of direction now lasting three days.
New York-traded West Texas Intermediate…
READ MORE
Oil prices fell on Thursday in Asia following reports that US crude oil inventories rose unexpectedly last week.
US Crude Oil WTI Futures was down 0.14% to $62.37 by…
READ MORE
Oil prices gained on Tuesday in Asia following reports that the U.S. is considering imposing more sanctions on Iran.
US Crude Oil WTI Futures was up 0.3% to $61.80…
READ MORE
Oil prices gained on Monday in Asia amid supply concerns. The upcoming Sino-US trade talks in Washington is expected to receive some attention this week.
US Crude…
READ MORE
Oil prices gained on Friday in Asia as traders shrugged off US President Donald Trump’s tweet about “too high” prices.
US Crude Oil WTI Futures rose 0.5% to…
Oil prices were little changed on Friday in Asia as traders remained cautious amid the latest news on the Sino-US trade war.
US Crude Oil WTI Futures was unchanged…
READ MORE
Oil prices fell on Monday in Asia after recording their best weekly gains in a month last week.
US Crude Oil WTI Futures traded 0.4% down to $58.59. Last week, the…
READ MORE
Oil prices trade higher on Thursday in Asia as the US reportedly plans to cut more exports of crude from Iran starting in May.
Citing two sources who were briefed by…
READ MOREWHOSE PLATFORM IS THIS?
ASK US
