NEWS
April 12, 2019
Oil prices gained on Friday in Asia as the International Energy Agency’s (IEA) said there are signs of tightening supply.
US Crude Oil WTI Futures rose 0.4% to…
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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.
Interview
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Hassan Choudhry of Umm al Hayman for Wastewater Treatment Company talks about how PPPs benefit Kuwaiti.
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Interview
Multinational - May 09, 2024
Alexandre Eykerman of Wärtsilä talks about the company’s pioneering role in adapting its solutions to the energy transition.
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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
Multinational - April 11, 2019
The International Energy Agency said Thursday that oil markets have tightened this year, thanks to <a…
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NEWS
Multinational - April 10, 2019
Oil prices rose on Wednesday in Asia as traders weighed the impact of the IMF’s latest economic growth forecast cut and geopolitical concerns in Libya.
US Crude…
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NEWS
Multinational - April 09, 2019
Oil prices gained on Tuesday in Asia and traded near a 5-month high, supported by concerns on Libya supply disruptions.
US Crude Oil WTI Futures was up 0.2% to…
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NEWS
Multinational - April 05, 2019
Oil prices slipped on Friday as a surprise surge in US crude inventories forced a change of direction now lasting three days.
New York-traded West Texas Intermediate…
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NEWS
Multinational - April 04, 2019
Oil prices fell on Thursday in Asia following reports that US crude oil inventories rose unexpectedly last week.
US Crude Oil WTI Futures was down 0.14% to $62.37 by…
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NEWS
Multinational - April 02, 2019
Oil prices gained on Tuesday in Asia following reports that the U.S. is considering imposing more sanctions on Iran.
US Crude Oil WTI Futures was up 0.3% to $61.80…
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NEWS
Multinational - April 01, 2019
Oil prices gained on Monday in Asia amid supply concerns. The upcoming Sino-US trade talks in Washington is expected to receive some attention this week.
US Crude…
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NEWS
Multinational - March 29, 2019
Oil prices gained on Friday in Asia as traders shrugged off US President Donald Trump’s tweet about “too high” prices.
US Crude Oil WTI Futures rose 0.5% to…
NEWS
Multinational - March 22, 2019
Oil prices were little changed on Friday in Asia as traders remained cautious amid the latest news on the Sino-US trade war.
US Crude Oil WTI Futures was unchanged…
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