NEWS
Multinational - March 18, 2019
Oil prices fell on Monday in Asia after recording their best weekly gains in a month last week.
US Crude Oil WTI Futures traded 0.4% down to $58.59. Last week, the…
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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
Kuwait - May 16, 2024
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 - March 14, 2019
Oil prices trade higher on Thursday in Asia as the US reportedly plans to cut more exports of crude from Iran starting in May.
Citing two sources who were briefed by…
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NEWS
Multinational - March 08, 2019
Oil prices fell on Friday morning in Asia as the European Central Bank (ECB) slashed its economic forecast and caused more worries about a slowdown in the global…
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NEWS
Multinational - March 07, 2019
Oil prices climbed a little in Asia on Thursday morning as investors shrugged off data out of the US that pointed to rising stockpiles of crude. Instead, they focused…
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NEWS
Multinational - March 05, 2019
Oil prices were trading lower on Tuesday morning in Asia after China lowered its growth target for the year and doubts of the ultimate impact of any trade deal between…
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NEWS
Multinational - March 04, 2019
Oil prices climbed on Monday morning in Asia, recovering from steep drops last week.
London-traded Brent crude, the global oil benchmark, was up 0.65% to $65.31 by 10…
NEWS
Multinational - February 25, 2019
Oil futures pulled back on Monday, after US President Donald Trump took to Twitter to slam OPEC about pushing prices higher.
“Oil prices getting too high. OPEC,…
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NEWS
Multinational - February 18, 2019
Oil prices hit their highest levels in three months on Monday on evidence of supply reductions and on hopes that the U.S. and China may resolve their trade…
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NEWS
Iran - January 23, 2019
Iran has discovered light, sweet crude in the southwestern Abadan region, local and international media reported on Wednesday.
“This is the first time we’ve…
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NEWS
Iran - January 17, 2019
Iran’s Pars Oil and Gas Company (POGC), a subsidiary of NOC National Iranian Oil Company, has been selected to develop phases two and three of the Kish gasfield,…
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