Oil was down Monday morning in Asia, as investors await talks between Iran and world powers later in the week that could lead to increased Iranian supplies
Brent…
READ MOREOil 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.
The Iraqi government has signed a deal for the supply of up to 50 mcm per day of gas from Iran.
READ MOREThe National Iranian Oil Company has awarded contracts to local players for projects aiming to boost output by up to 400,000 bopd.
READ MOREThe giant Al Zour refinery in Kuwait has reached full capacity for the first time.
READ MOREIran has significantly increased its oil and gas reserves with four newly confirmed discoveries, Upstream Online reported on Monday.
The finds include the…
READ MOREOman and Iran have signed an MoU to jointly develop oil and gas fields, petrochemical assets and trade between the two nations, Iran’s Minister of Oil Javad Owji…
READ MOREIraq has signed deals with UAE’s Crescent Petroleum and China’s Geo-Jade Petroleum and United Energy Group to develop six local oil and gas fields, Reuters…
READ MOREOil was down Monday morning in Asia, as investors await talks between Iran and world powers later in the week that could lead to increased Iranian supplies
Brent…
READ MOREOil was up Wednesday morning in Asia, remaining at the highest level since Oct. 2018, as the Organization of the Petroleum Exporting Countries and its allies (OPEC+)…
READ MOREOil was up Monday morning in Asia on the back of an ever-brightening fuel demand outlook. Investors also now turning their focus to the Organization of the Petroleum…
READ MOREOil was up Friday morning in Asia, ending the week by extending gains from the highest close in more than two years. Optimism as US fuel demand continues to increase…
READ MOREOil was up Wednesday morning in Asia, as concerns that the possible resumption in Iranian supply would cause a supply glut was offset by strong US crude oil supply…
READ MOREOil was up Monday morning in Asia, with investor sentiment boosted by signs of the US’ continuing economic recovery from Covid-19 and the improved outlook for fuel…
READ MOREOil 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…
READ MOREOil 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…
READ MOREOil 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…
READ MOREOil 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…
READ MOREWHOSE PLATFORM IS THIS?
ASK US