Abdullah bin Hamad Al Attiyah, chairman of the Al Attiyah Foundation for Energy & Sustainable Development, talks to TOGY about Qatar’s LNG market and how the…
READ MOREIran Overview
in figures
Oil Reserves157.8 billion barrels
Oil Production3.62 million bopd
Gas Reserves32.1 tcm
Gas Production256.7 bcm
Iran: An Economy Building Resilience
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 MOREIran’s oil exports to India have experienced a year-on-year drop of 27 percent to 198,800 barrels of oil per day (bopd), from 266,000 bopd in 2014, Reuters reported on…
READ MORECNN’s John Defterios recently spoke to Iran’s Oil Minister Bijan Zanganeh about the impact of the possible lifting of international sanctions. Speaking in Tehran,…
READ MOREIran has set aside “almost nothing” for oil investments in 2015, owing to depressed oil prices.
Financing in the industry dropped to $6 billion in 2014, compared…
READ MOREIran has said that it will raise oil production “at any cost,” in a bid to defend its market share. The country has also backed calls for an emergency <a…
READ MOREThe Iranian Offshore Oil Company (IOOC) has increased crude production by 7,000 barrels per day at the Salman oilfield, the National Iranian Oil Company subsidiary…
READ MOREKurdish militants blew up a segment of the South Caucasus Pipeline carrying natural gas to Turkey from Azerbaijan early on Tuesday, according to preliminary reports.…
READ MOREThe news arm for Iran’s oil ministry announced on Sunday that the gas flows had been resumed to Turkey after repairs were made to the Turkey-Iran pipeline. Iran had…
READ MOREIndia imported 8 percent less oil from Saudi Arabia in the fiscal year 2014/15 (April-March) compared to FY 2013/14, while increasing purchases from Africa and South…
READ MOREA vessel carrying about 2 million barrels of oil left Iran bound for Singapore on Friday. The shipment is the first following a landmark nuclear deal between Iran and…
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