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 prices jumped on Monday in Asia after OPEC+ members indicated intentions to maintain production cuts for the rest of the year.
US Crude Oil WTI Futures rose 1.3%…
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Oil prices extended gains on Thursday in Asia amid tensions in the Middle East linked to stealth attacks on Saudi oil tankers and pipelines.
US Crude Oil WTI Futures…
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Crude oil prices have risen sharply overnight in response to attacks on two Saudi Arabian tankers near the entry to the Persian Gulf. Saudi news reports called the…
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Volatile oil prices gained slightly on news of Russian oil contamination joined supply factors from Iran and North Korea while fears of an all-out Sino-US trade war…
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Oil prices rebounded on Wednesday in Asia as traders weighed US sanctions against Iran and news on the Sino-U.S. trade front.
US Crude Oil WTI Futures were up 0.8%…
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Oil prices recovered on Tuesday in Asia after falling as much as 3% the previous session after US President Donald Trump revived the risk of a full-blown trade war…
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Oil prices fell on Friday in Asia and extended losses from earlier this week amid larger-than-expected US crude production.
US Crude Oil WTI Futures were down 0.4%…
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Oil prices continued to drop on Tuesday in Asia amid pressure on OPEC from US President Donald Trump to raise output to offset a supply shortfall expected from tighter…
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Oil prices fell on Monday in Asia, pressured by reports that US President Donald Trump asked the Organization of the Petroleum Exporting Countries (OPEC) to lower oil…
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Brent hit $75 per barrel for the first time in 2019 on Iran sanctions despite growing supply in the US.
US Crude Oil WTI Futures traded at $66.19 at 11:00am GMT.…
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