Tag Archives | oil production

Iran Says $50bn Investment Needed to Develop Oil Prodn

Iran’s oil minister said there is need for about $50 billion in investment to develop the country’s oil output. “We need 40 to 50 billion dollars of investment to develop the country’s oil production,” Bijan Zangeneh said, adding that it cannot be supplied domestically and should be provided via foreign contracts. He further referred to […]

Iran’s Crude Exports to S Korea Rise by 40% in August

South Korea’s imports of Iranian crude oil rose by 40.2 percent in August compared to the same period last year, a report said. South Korea brought in 1.55 million tons of Iranian crude last month, or 365,641 barrels per day (bpd), compared with 1.1 million tons in the same month in 2016, customs data showed, […]

West Karoun Oil Production to reach 368,000 bpd

Iran currently produces 290’000 barrels of crude oil per day, the figure which is going to witness an increase of 78000 barrels bpd, the managing director of Iran’s Petroleum Engineering and Development Company (PEDEC), Noureddin Shahnazizadeh said. Holding a press conference for the latest achievement of the West Karoun oil fields, Shahnazizadeh mentioned that the […]

Iran’s Oil Output hits Post-JCPOA Record

Iran’s daily production of crude oil surpassed 3.9 million barrels last month, rising to a record high following the removal of sanctions under the Joint Comprehensive Plan of Action (JCPOA), spokesman for the Iranian administration announced Tuesday. Speaking to reporters at a weekly press conference in Tehran, Mohammad Baqer Nobakht said Iran’s oil output in […]

SZOGPC Revenues hit $9bn Last Year

The South Zagros Oil and Gas Production Company (SZOGPC) produced 9 billion dollars worth of crude oil and natural gas in the previous Iranian calendar year which ended on March 20, the company’s CEO said. Gholamhossein Montazeri said the company produced 62 mcm of natural gas, 20 million barrels of gas condensate and 2.2 million […]

IOTC Plans to Export West Karoun Oil

The Iran Oil Terminals Company (IOTC) is preparing infrastructure to export oil produced from fields in the West Karoun area in western Iran, the IOTC chief said. “The company has received a plan to export West Karoun crude oil and this operation is set to start after preparing such infrastructure as Genaveh-Kharg pipeline and an […]

Total Azar Oilfield Output Crosses 500k Barrels

The total amount of crude oil recovered from Azar Oilfield has exceeded half a million barrels, an official with the Petroleum Engineering and Development Company (PEDEC) said. Keyvan Yarahmadi, operator of the field’s development project at PEDEC, said production from the field is expected to reach 30,000 b/d by the end of the month of […]

Iran Eyes 0.5m bdp of Crude from West Karoon

Iran will be recovering over half a million barrels per day of crude oil by late-June 2017, a senior Iranian oil official said. Managing Director of Petroleum Engineering and Development Company (PEDEC) Nouredding Shahnazizadeh said Iran’s total crude oil production from South and North Azadegan, South and North Yatan, Yadavaran and Darkhowin oilfields will reach […]

RIPI to host 1st Int’l Conference on EOR, IOR Methods

The Research Center of Petroleum Industry (RIPI) is to host the first international conference on enhanced oil recovery (EOR) and improved oil recovery (IOR) methods in oil projects on April 22. The three-day conference is being held jointly by Iran Inter-Pore Society, the Iranian Association of Polymer and Chemical Engineers and the RIPI. Besides presentation […]

Iran’s Oil Exports Doubled with JCPOA Implementation

Iranian President Hassan Rouhani highlighted the outcome of the July 2015 nuclear deal with world powers, known as the Joint Comprehensive Plan of Action (JCPOA), saying that the country’s oil exports have doubled since the deal took effect in January 2016. “The exports of crude oil and condensates have increased by at least two times […]

Iran Starts Pumping Oil from Azar Joint Oilfield

Iran on Tuesday, March 14, began pumping 15,000 barrels/day of crude oil from Azar Oilfield which it shares with Iraq. Early production from the field, located in the border city of Mehran, began in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh. Azar Oilfield development project is aimed at production […]

Iran’s Oil Output hits 3.8m bpd in February

The Organization of the Petroleum Exporting Countries (OPEC) said Iran’s oil production reached a new record high of 3.8 million barrels per day in February. According to OPEC’s monthly report on Tuesday, the February figures showed Iran was producing about 36,100 barrels a day above its previous level, reaching 3.8 million barrels per day. Earlier […]

Oil Output to hit 4.15m bpd in 2022

By John Lee. According to a report from Bloomberg, the International Energy Agency (IEA) has predicted that Iran will increase its oil production capacity by 400,000 barrels per day (bpd) to reach 4.15 million bpd by 2022. The Paris-based agency also forecasts that neighbouring Iraq will retain its position as OPEC’s second-biggest producer, adding 700,000 […]

Iran to Drill 500 new Oil Wells in 5 Years

By John Lee. Iran expects its oil production to reach 4 million barrels per day by mid-April, and plans to drill 500 new wells over the next five years to raise output to 4.7 million bpd, a senior oil official said on Saturday. Iran’s daily output in January was close to 3.9 million barrels. “We […]

Oil Production Approaching 4m bpd

By John Lee. The deputy head of the National Iranian Oil Company (NIOC), Gholam-Reza Manouchehri, has announced that the country is now producing 3.9 million barrels of oil per day. Regarding the awarding of contracts for the second phases of the Yadavaran and North Azadegan oil fields to the Chinese companies, Manouchehri told reporters: “Anyhow, […]

Iran’s Oil Output up over 18% in 9 Months

The US Energy Agency (EIA) said Iran’s oil production surged by more than 18 percent in the first nine months of the current year. In a recent report on Sunday, the EIA said Iran’s oil production increased by 18.8 percent in 2016, reaching 3.92 million barrels per day (mb/d). It added that the country’s oil […]

Why OPEC deal is a Double-Edged Sword for Iran

By Dr. David Ramin Jalilvand for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The Organization of Petroleum Exporting Countries finally agreed to cut oil production at its Nov. 30 meeting in Vienna. The decision was preceded by months of intense negotiations against the backdrop of […]

Iran, Iraq asked to Freeze Oil Output at Current Levels

By John Lee. Qatar’s Energy Minister has reportedly said that Iran and Iraq are being asked to freeze oil output at current levels, as part of a wider deal to restrain production. According to ArabianBusiness.com, Mohammed Al Sada told reporters: “We are discussing with both countries on that and we are looking at various ways and […]

Iran “Heartened” at Increased Crude Production

Increasing its crude oil production capacity mainly from Western Karoun joint oilfields, Iran has been heartened and reassured as far as the country’s status in OPEC is concerned. Talking in the verge of the official opening of the three development plans of North Azadegan, Yadavaran and Yaran, Gholam-Reza Manouchehri the deputy head of National Iranian […]

Iran Inaugurates Three Joint Oilfields in Khouzestan

Iran has launched first phase production at three fields in its oil-rich Khouzestan province which bring its total crude output to 300’000 barrels per day. Production from Yadavaran, North Yaran and North Azadegan were inaugurated in an official ceremony attended by President Hassan Rouhani. Iran had awarded Yadavaran to China’s Sinopec through a contract worth […]