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Iran Overview

Iran

in figures

Oil Reserves157.2 billion barrels

Oil Production4.98 million bopd

Gas Reserves33.2 tcm

Gas Production223.9 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.

For a comprehensive view of Iran’s market, see our business intelligence platform, TOGYiN. TOGYiN features more than 200 profiles of companies and institutions active in Iran’s oil and gas industry, and provides access to all our coverage and content, including our interviews with key players and industry leaders. TOGYiN currently covers 35 markets worldwide.

US removes Iran oil sanctions waivers
NEWS
Iran - April 22, 2019

The US has removed sanctions waivers for Japan, India and China’s Iranian oil imports, US Secretary of State Mike Pompeo…

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Iran in first Abadan oil find
NEWS
Iran - January 23, 2019

Iran has discovered light, sweet crude in the southwestern Abadan region, local and international media reported on…

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Iran books

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Iran’s POGC to develop Kish gasfield
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…

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Iran claims new fields discovered
NEWS
Iran - December 18, 2018

New oil and gasfields have been discovered in Iran this year, local media reported on Monday.

Co-operation with IOCs…

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Iran maps

Rosneft pulls out of Iran projects: report
NEWS
Iran - December 14, 2018

Rosneft has abandoned plans to invest in Iran due to fears of US sanctions, international media reported on Thursday.

The…

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CNPC shelves South Pars investment: report
NEWS
Iran - December 12, 2018

China’s CNPC has put investment in the South Pars project in Iran on hold, international media reported on Wednesday.

The…

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Iran, EU to set up trade mechanism
NEWS
Iran - September 25, 2018

The EU, Russia and China have agreed to set up a “special vehicle” to trade with Iran after the USA reimposes sanctions in November, international media reported on…

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