NEWS
Iran - July 14, 2015
The hydrocarbons market is expected to take another hit following the solidification of the long-anticipated nuclear deal with Iran, which will ease sanctions in…
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Back toour markets
Iran 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.
NEWS
Iraq - March 27, 2024
The Iraqi government has signed a deal for the supply of up to 50 mcm per day of gas from Iran.
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NEWS
Iran - March 18, 2024
The National Iranian Oil Company has awarded contracts to local players for projects aiming to boost output by up to 400,000 bopd.
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NEWS
Kuwait - February 08, 2024
The giant Al Zour refinery in Kuwait has reached full capacity for the first time.
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NEWS
Iran - October 09, 2023
Iran has significantly increased its oil and gas reserves with four newly confirmed discoveries, Upstream Online reported on Monday.
The finds include the…
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NEWS
Oman - March 07, 2023
Oman 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…
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NEWS
Iraq - February 22, 2023
Iraq 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…
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NEWS
Iran - July 02, 2015
Iran’s largest shipping company is in talks for permission to sail in Western waters, the company’s managing director has said.
Managing director of NITC Ali…
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NEWS
India - July 01, 2015
India has asked domestic refiners to buy euros and dollars to make ready for $6.5 billion in debt payments to Iran if sanctions are lifted.
The move is intended to…
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NEWS
Iran - June 25, 2015
Shell and Eni have met with Iranian officials to discuss potential investments in the country’s energy industry.
Executives from the super-majors travelled to…
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NEWS
Saudi Arabia - June 05, 2015
Officials attending <a href='https://theenergyyear.com/companies-institutions/opec/’>OPEC’s Vienna meeting on Friday have amicably agreed to lengthen its…
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NEWS
Iran - June 03, 2015
Total may look to re-enter Iran in light of the country’s oil resources and it having the second-largest gas reserves in the world, according to the Total’s chief…
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NEWS
Iran - May 18, 2015
Iran’s deputy oil minister has said that <a href='https://theenergyyear.com/companies-institutions/opec/’>OPEC is unlikely to implement a production cut at…
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Interview
Iraq - May 14, 2015
Steve Holmes, oil and gas director of the Baghdad Company for Gas Turbines, explains how shortages of skilled personnel across different areas of design, construction,…
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NEWS
Iran - May 06, 2015
Iran launched its 20th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran on Wednesday amid a push to woo international oil companies back to the…
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NEWS
Oman - April 20, 2015
The National Iranian Gas Export Company’s managing director Ali Reza Kameli has said that an Omani delegation will arrive in Tehran this week to discuss a planned…
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