Oil prices fell Monday as nuclear negotiations between Iran and Western diplomats over lifting sanctions remained in a deadlock over the weekend.
If sanctions are…
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 prices fell Monday as nuclear negotiations between Iran and Western diplomats over lifting sanctions remained in a deadlock over the weekend.
If sanctions are…
READ MOREHouston-based oilfield services giant Schlumberger pled guilty Wednesday to violating sanctions against Sudan and Iran. The US Department of Justice will fine the…
READ MOREThe price of oil fell over the weekend by more than a percentage point after Saudi Arabia announced it would not be reducing its production. The price for a barrel of…
READ MOREOn Monday, Iran’s Petro Energy Information Network announced that a pipeline to export natural gas from Iran to Iraq could become operational in May 2015.
The…
READ MOREIranian gas production from the South Pars field will outpace that of Qatar by 2018, Iran’s petroleum minister said.
Speaking to Iranian daily Ta’adol, Minister…
READ MOREAccording to figures released by the Turkish Ministry of Energy and Natural Resources on Friday, the country’s natural gas imports for 2015 are forecast to rise by…
READ MORENearly a decade has passed since the spudding of the first well at the Tawke field following the liberation of Iraq. Dr. Ashti Hawrami, the minister of natural…
READ MOREAt a ceremony commemorating the 20th anniversary of the Azeri-Chirag-Guneshli production-sharing agreement, the government of Azerbaijan broke ground on its most…
READ MOREAzerbaijan is located in one of the most politically sensitive regions in the world. Elnur Soltanov, chairman of the Caspian Centre for Energy and Environment, speaks…
READ MOREKazakhstan’s Minister of National Economy Yerbolat Dossaev is considering switching exports of oil and gas from Europe to China or Iran because sanctions against…
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